<SEC-DOCUMENT>0001213900-19-002727.txt : 20190215
<SEC-HEADER>0001213900-19-002727.hdr.sgml : 20190215
<ACCEPTANCE-DATETIME>20190215172019
ACCESSION NUMBER:		0001213900-19-002727
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20190215
DATE AS OF CHANGE:		20190215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sierra Income Corp
		CENTRAL INDEX KEY:			0001523526
		IRS NUMBER:				452544432
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971
		FILM NUMBER:		19612505

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(212) 759-0777

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sierre Income Corp
		DATE OF NAME CHANGE:	20110714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Medley Income Corp
		DATE OF NAME CHANGE:	20110616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Medley Capital Corp
		CENTRAL INDEX KEY:			0001490349
		IRS NUMBER:				274576073
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-01
		FILM NUMBER:		19612493

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-759-0777

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Medley Capital BDC LLC
		DATE OF NAME CHANGE:	20100426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEDLEY MANAGEMENT INC.
		CENTRAL INDEX KEY:			0001611110
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-02
		FILM NUMBER:		19612494

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE, 6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2127590777

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE, 6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sierra Management, Inc.
		CENTRAL INDEX KEY:			0001756343
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-03
		FILM NUMBER:		19612495

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(212) 759-0777

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCC Advisors LLC
		CENTRAL INDEX KEY:			0001494085
		IRS NUMBER:				272427252
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-04
		FILM NUMBER:		19612496

	BUSINESS ADDRESS:	
		STREET 1:		375 PARK AVENUE
		STREET 2:		SUITE 3304
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10152
		BUSINESS PHONE:		212-759-0777

	MAIL ADDRESS:	
		STREET 1:		375 PARK AVENUE
		STREET 2:		SUITE 3304
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10152

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Medley (Aspect) Management LLC
		CENTRAL INDEX KEY:			0001758286
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-05
		FILM NUMBER:		19612503

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(212) 759-0777

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCOF Management LLC
		CENTRAL INDEX KEY:			0001758282
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-06
		FILM NUMBER:		19612502

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(212) 759-0777

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MOF III Management LLC
		CENTRAL INDEX KEY:			0001677614
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-07
		FILM NUMBER:		19612501

	BUSINESS ADDRESS:	
		STREET 1:		C/O MEDLEY CAPITAL CORPORATION
		STREET 2:		280 PARK AVENUE, 6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(212) 759-0777

	MAIL ADDRESS:	
		STREET 1:		C/O MEDLEY CAPITAL CORPORATION
		STREET 2:		280 PARK AVENUE, 6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MOF II Management LLC
		CENTRAL INDEX KEY:			0001525230
		IRS NUMBER:				273770392
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-08
		FILM NUMBER:		19612500

	BUSINESS ADDRESS:	
		STREET 1:		375 PARK AVENUE, SUITE 3304
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10152
		BUSINESS PHONE:		(212) 759-0777

	MAIL ADDRESS:	
		STREET 1:		375 PARK AVENUE, SUITE 3304
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10152

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Medley Capital LLC
		CENTRAL INDEX KEY:			0001494087
		IRS NUMBER:				204276388
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-09
		FILM NUMBER:		19612499

	BUSINESS ADDRESS:	
		STREET 1:		375 PARK AVENUE
		STREET 2:		SUITE 3304
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10152
		BUSINESS PHONE:		212-759-0777

	MAIL ADDRESS:	
		STREET 1:		375 PARK AVENUE
		STREET 2:		SUITE 3304
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10152

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STRF Advisors LLC
		CENTRAL INDEX KEY:			0001675932
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-10
		FILM NUMBER:		19612498

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(212) 759-0777

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOF Advisors LLC
		CENTRAL INDEX KEY:			0001692822
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-11
		FILM NUMBER:		19612497

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2127590777

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Medley SMA Advisors LLC
		CENTRAL INDEX KEY:			0001768300
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14971-12
		FILM NUMBER:		19612504

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(212) 759-0777

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		6TH FLOOR EAST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
<SEQUENCE>1
<FILENAME>f40app121918a3_sierraincome.htm
<DESCRIPTION>AMENDMENT TO FORM 40-APP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File
No. 812-14971</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
SECURITIES AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIRD
AMENDED AND RESTATED APPLICATION FOR AN ORDER PURSUANT TO SECTIONS 6(c) AND 57(c) OF THE INVESTMENT COMPANY ACT OF 1940 (THE
&ldquo;1940 ACT&rdquo;), GRANTING EXEMPTIONS FROM THE PROVISIONS OF SECTIONS 12(d)(3) AND 57(a)(1) AND (2) OF THE 1940 ACT  AND UNDER SECTION
57(i) OF THE 1940 ACT AND RULE 17d-1 THEREUNDER TO PERMIT CERTAIN JOINT TRANSACTIONS
OTHERWISE PROHIBITED BY SECTION 57(a)(4) OF THE 1940 ACT</FONT> AND RULE 17d-1 THEREUNDER </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIERRA
INCOME CORPORATION, MEDLEY CAPITAL CORPORATION, MEDLEY MANAGEMENT INC., SIERRA MANAGEMENT, INC., MCC ADVISORS LLC, SOF ADVISORS
LLC, STRF ADVISORS LLC, MEDLEY CAPITAL LLC, MOF II MANAGEMENT LLC, MOF III MANAGEMENT LLC, MEDLEY SMA ADVISORS LLC, MCOF MANAGEMENT
LLC, AND MEDLEY (ASPECT) MANAGEMENT LLC</B></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">280
Park Avenue, 6<SUP>th</SUP> Floor East</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>All
Communications, Notices, and Orders to:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
Fredericks, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medley
Management Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">280
Park Avenue, 6th Floor East</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Copy
to:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven
B. Boehm, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payam
Siadatpour, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eversheds
Sutherland (US) LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">700
Sixth Street NW, Suite 700</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20001-3980</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
15, 2019</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_01"><FONT STYLE="font-size: 10pt"><B>GLOSSARY
    OF DEFINED TERMS</B></FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>ii</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD COLSPAN="5" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_02"><FONT STYLE="font-size: 10pt"><B>I.</B></FONT></A></FONT></TD>
    <TD COLSPAN="4" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_02"><FONT STYLE="font-size: 10pt"><B>INTRODUCTION</B></FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 0.3in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in; text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_03"><FONT STYLE="font-size: 10pt"><B>II.</B></FONT></A></FONT></TD>
    <TD COLSPAN="4" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_03"><FONT STYLE="font-size: 10pt"><B>GENERAL
    DESCRIPTION OF MEDLEY ADVISORS&rsquo; ENTITIES</B></FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_04"><FONT STYLE="font-size: 10pt"><B>A.</B></FONT></A></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_04"><FONT STYLE="font-size: 10pt">Sierra
    Income Corporation</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_05"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT></A></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_05"><FONT STYLE="font-size: 10pt">Medley
    Capital Corporation</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_06"><FONT STYLE="font-size: 10pt"><B>C.</B></FONT></A></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_06"><FONT STYLE="font-size: 10pt">Medley
    Management Inc.</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_07"><FONT STYLE="font-size: 10pt"><B>D.</B></FONT></A></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_07"><FONT STYLE="font-size: 10pt">Sierra
    Management, Inc.</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_08"><FONT STYLE="font-size: 10pt"><B>E.</B></FONT></A></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_08"><FONT STYLE="font-size: 10pt">The
    Investment Advisers</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_09"><FONT STYLE="font-size: 10pt"><B>III.</B></FONT></A></FONT></TD>
    <TD COLSPAN="4" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_09"><FONT STYLE="font-size: 10pt"><B>THE
    PROPOSED BUSINESS COMBINATION</B></FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_10"><FONT STYLE="font-size: 10pt"><B>A.</B></FONT></A></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_10"><FONT STYLE="font-size: 10pt">Applicants&rsquo;
    Representations</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_11"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></A></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_11"><FONT STYLE="font-size: 10pt">Background
    and Reasons for the Proposed Business Combination</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_12"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></A></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_12"><FONT STYLE="font-size: 10pt">Summary
    of Proposed Business Combination Transactions</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_100"><B>3.</B></A></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_100">History
    of the Proposed Business Combination</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_13"><FONT STYLE="font-size: 10pt"><B>a.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_13"><FONT STYLE="font-size: 10pt">Formation
    of Special Committees</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_14"><FONT STYLE="font-size: 10pt"><B>b.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_14"><FONT STYLE="font-size: 10pt">Description
    of the Transactions</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_15"><FONT STYLE="font-size: 10pt"><B>c.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_15"><FONT STYLE="font-size: 10pt">The
    MCC Merger Agreement</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></FONT>7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_16"><FONT STYLE="font-size: 10pt"><B>d.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_16"><FONT STYLE="font-size: 10pt">The
    MDLY Merger Agreement</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">16</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_17"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></A></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_17"><FONT STYLE="font-size: 10pt">Additional
    Regulatory Approvals and Filings</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">27</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_19"><FONT STYLE="font-size: 10pt"><B>a.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_19"><FONT STYLE="font-size: 10pt">SBA</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">27</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_20"><FONT STYLE="font-size: 10pt"><B>b.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_20"><FONT STYLE="font-size: 10pt">HSR
    Act</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">27</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_21"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></A></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_21"><FONT STYLE="font-size: 10pt">Background
    of the Mergers</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">27</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_22"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></A></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_22"><FONT STYLE="font-size: 10pt">Management&rsquo;s
    Conflicts of Interest and Role in the Mergers</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">30</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_23"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></A></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_23"><FONT STYLE="font-size: 10pt">The
    Considerations of Sierra, MCC, and MDLY</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">32</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_24"><FONT STYLE="font-size: 10pt"><B>a.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_24"><FONT STYLE="font-size: 10pt">Sierra</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">32</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_48"><FONT STYLE="font-size: 10pt"><B>b.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_48"><FONT STYLE="font-size: 10pt">MCC</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">49</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_25"><FONT STYLE="font-size: 10pt"><B>c.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_25"><FONT STYLE="font-size: 10pt">MDLY</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">56</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_26"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></A></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_26"><FONT STYLE="font-size: 10pt">Reasons
    for the Mergers</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">79</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_27"><FONT STYLE="font-size: 10pt"><B>a.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_27"><FONT STYLE="font-size: 10pt">Sierra&rsquo;s
    Reasons for the Mergers</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">79</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_28"><FONT STYLE="font-size: 10pt"><B>b.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_28"><FONT STYLE="font-size: 10pt">MCC&rsquo;s
    Reasons for the MCC Merger</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">80</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_028i"><B>c</B>.</A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_028i">The
    Medley Affiliates&rsquo; Reasons for the MDLY Merger</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">82</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_29"><FONT STYLE="font-size: 10pt"><B>d.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_29"><FONT STYLE="font-size: 10pt">MDLY&rsquo;s
    Reasons for the MDLY Merger</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">83</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_8e"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9</B></FONT><B>.</B></A></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_8e"></A><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="#a_8e"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subsequent
                                         Proposals</FONT></A></P>

</TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif">86</TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_30"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT></A></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_30"><FONT STYLE="font-size: 10pt">Legal
    Analysis</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">87</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_31"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></A></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_31"><FONT STYLE="font-size: 10pt">Sections
    57(a)(1), (2) and (4)</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">87</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_32"><FONT STYLE="font-size: 10pt"><B>a.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_32"><FONT STYLE="font-size: 10pt">Applicable
    Law</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">87</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_33"><FONT STYLE="font-size: 10pt"><B>b.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_33"><FONT STYLE="font-size: 10pt">Need
    for Relief</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">87</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_34"><FONT STYLE="font-size: 10pt"><B>c.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_34"><FONT STYLE="font-size: 10pt">Requested
    Exemptions</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">88</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_35"><FONT STYLE="font-size: 10pt"><B>d.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_35"><FONT STYLE="font-size: 10pt">Precedents</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">88</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_36"><B>e.</B></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_36"><FONT STYLE="font-size: 10pt">Legal
    Arguments</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">89</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_38"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></A></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_38"><FONT STYLE="font-size: 10pt">Section
    12(d)(3)</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">91</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_39"><FONT STYLE="font-size: 10pt"><B>a.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_39"><FONT STYLE="font-size: 10pt">Applicable
    Law</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">91</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_40"><FONT STYLE="font-size: 10pt"><B>b.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_40"><FONT STYLE="font-size: 10pt">Need
    for Relief</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">91</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_41"><FONT STYLE="font-size: 10pt"><B>c.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_41"><FONT STYLE="font-size: 10pt">Requested
    Exemptions</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">9</FONT></FONT>2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_42"><FONT STYLE="font-size: 10pt"><B>d.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_42"><FONT STYLE="font-size: 10pt">Legal
    Arguments</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">92</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_43"><FONT STYLE="font-size: 10pt"><B>e.</B></FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_43"><FONT STYLE="font-size: 10pt">Conclusion</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">95</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_44"><FONT STYLE="font-size: 10pt"><B>IV.</B></FONT></A></FONT></TD>
    <TD COLSPAN="4" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_44"><FONT STYLE="font-size: 10pt"><B>APPLICANTS&rsquo;
    CONDITIONS</B></FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>95</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_45"><FONT STYLE="font-size: 10pt"><B>V.</B></FONT></A></FONT></TD>
    <TD COLSPAN="4" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_45"><FONT STYLE="font-size: 10pt"><B>PROCEDURAL
    MATTERS</B></FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>96</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_46"><FONT STYLE="font-size: 10pt"><B>A.</B></FONT></A></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_46"><FONT STYLE="font-size: 10pt">Communications</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_47"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT></A></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_47"><FONT STYLE="font-size: 10pt">Authorizations</FONT></A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">96</FONT></FONT></TD></TR>
</TABLE>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="a_01"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>GLOSSARY
OF DEFINED TERMS</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 27%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Advisers
    Act</B></FONT></TD>
    <TD STYLE="width: 73%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Investment Advisers Act of 1940, as amended</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BDC</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    company that has elected, under Section 54 of the 1940 Act, to be regulated as a business development company</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Code</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Internal Revenue Code of 1986, as amended</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Combined
    Company</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra
    Income Corporation, following the Proposed Business Combination</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Combined
    Company Board</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Combined Company&rsquo;s board of directors</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidating
    Entities</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra,
    MCC, MDLY and Medley LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DGCL</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware
    General Corporation Law</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DOJ</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Antitrust Division of the U.S. Department of Justice</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effective
    Time</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    time at which the Proposed Business Combination is effected</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Excluded
    MCC Shares</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
    of MCC Common Stock owned by MCC, Sierra, or any wholly-owned subsidiary of MCC or Sierra</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FTC</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Federal Trade Commission</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GAAP</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United
    States generally accepted accounting principles</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HSR
    Act</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hart-Scott-Rodino
    Antitrust Improvements Act of 1976, as amended</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Independent
    Director</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
    respect to directors of MCC, Sierra and the Combined Company, a person who is not an interested person as defined under Section
    2(a)(19) of the 1940 Act, and; for MDLY, a person who is neither an officer of, nor otherwise affiliated with, any of the
    other Consolidating Entities, other than through his or her directorship with MDLY, and; with respect to each of the Consolidating
    Entities, a person who does not own more than 5% of the shares of any other Consolidating Entity. </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Management</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    senior professionals of Medley LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCC</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medley
    Capital Corporation, a publicly traded BDC</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCC
    Adverse Recommendation Change</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    action of the MCC Board or a committee thereof to (i) withhold, withdraw or modify or qualify, or propose publicly to withhold,
    withdraw or modify or qualify the MCC Board Recommendation, (ii) fail to publicly announce, within 15 business days after
    a tender offer or exchange relating to the securities of MCC shall have been commenced, a statement disclosing that the MCC
    Board recommends rejection of such tender offer or exchange offer, or (iii) approve, determine to be advisable, or recommend,
    or propose publicly to approve, determine to be advisable, or recommend, any MCC Merger Competing Proposal</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCC
    Advisors</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 73%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MCC
    Advisors LLC, the registered investment adviser to MCC</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCC
    Board</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MCC&rsquo;s
    board of directors</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCC
    Common Stock</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MCC&rsquo;s
    shares of common stock, par value $0.001 per share</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCC
    Investment Management Agreement</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Amended and Restated Investment Management Agreement by and between MCC and MCC Advisors, dated January 19, 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCC
    Merger Agreement</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Agreement and Plan of Merger, dated as of August 9, 2018, by and between MCC and Sierra</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCC
    Merger Competing Proposal</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    inquiry, proposal or offer made by any third party: (a) to purchase or otherwise acquire, directly or indirectly, in one transaction
    or a series of transactions (including any merger, consolidation, tender offer, exchange offer, stock acquisition, asset acquisition,
    binding share exchange, business combination, recapitalization, liquidation, dissolution, joint venture or similar transaction),
    (i) beneficial ownership (as defined under Section 13(d) of the 1934 Act) of 20% or more of any class of equity securities
    of MCC or Sierra, as applicable, or (ii) any one or more assets or businesses of MCC or its subsidiaries or Sierra or its
    subsidiaries that constitute 20% or more of the revenues or assets of MCC and its subsidiaries, taken as a whole, or Sierra
    and its subsidiaries, taken as a whole, as applicable; or (b) any liquidation of MCC or Sierra, in each case other than the
    MCC Merger and the other transactions to occur at the MCC Merger Closing in accordance with the MCC Merger Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCC
    Merger Superior Proposal</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         bona fide written MCC Merger Competing Proposal (but with all references to &ldquo;20%&rdquo;
                                         in the definition of MCC Merger Competing Proposal being increased to &ldquo;50%&rdquo;
                                         to the extent relevant to the MCC Merger Competing Proposal in question) made by a third
                                         party that the MCC Board or the Sierra Board, as applicable, determines in good faith,
                                         after consultation with its outside financial advisors and legal counsel, and taking
                                         into account the terms and conditions of such proposal, the party making such proposal,
                                         all financial, legal, regulatory and other aspects of such proposal, as well as the likelihood
                                         of consummation of the MCC Merger Competing Proposal relative to the MCC Merger and such
                                         other factors as the MCC Board or Sierra Board, as applicable, considers to be appropriate,
                                         is more favorable to MCC Stockholders or Sierra Stockholders, as applicable, from a financial
                                         point of view than the MCC Merger and the other transactions contemplated by the MCC
                                         Merger Agreement (including any revisions to the terms of the MCC Merger Agreement committed
                                         to by Sierra or MCC, as applicable, to the other party in writing in response to such
                                         MCC Merger Competing Proposal made to Sierra or MCC, as applicable).</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <B>MCC Special Meeting&#9;</B> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Special meeting of the MCC Stockholders </TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MCC
    Stockholder Approval</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 73%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    affirmative vote of the holders of a majority of the outstanding shares of MCC common stock</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDLY</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medley
    Management Inc., a publicly traded asset management firm, which in turn is controlled by Medley Group LLC, an entity wholly-owned
    by Management</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDLY
    Adverse Recommendation Change</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    action taken by the MDLY Board or a committee thereof to (i) withhold, withdraw or modify or qualify, or propose publicly
    to withhold, withdraw or modify or qualify the MDLY Board Recommendation, (ii) fail to publicly announce, within 15 business
    days after a tender offer or exchange relating to the securities of MDLY shall have been commenced, a statement disclosing
    that the MDLY Board recommends rejection of such tender offer or exchange offer, or (iii) approve, determine to be advisable,
    or recommend, or propose publicly to approve, determine to be advisable, or recommend, any MDLY Merger Competing Proposal</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDLY
    Board</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MDLY&rsquo;s
    board of directors</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDLY
    Common Stock</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MDLY
    Class A Common Stock and MDLY Class B Common Stock, collectively</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDLY
    Incentive Plan</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Medley Management Inc. 2014 Omnibus Incentive Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDLY
    Merger Agreement</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Agreement and Plan of Merger, dated as of August 9, 2018, by and among MDLY, Sierra, and Sierra Management, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDLY
    Merger Competing Proposal</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         inquiry, proposal or offer made by any third party: (a) to purchase or otherwise acquire,
                                         directly or indirectly, in one transaction or a series of transactions (including any
                                         merger, consolidation, tender offer, exchange offer, stock acquisition, asset acquisition,
                                         binding share exchange, business combination, recapitalization, liquidation, dissolution,
                                         joint venture or similar transaction), (i) beneficial ownership (as defined under Section
                                         13(d) of the 1934 Act) of 20% or more of any class of equity securities of MDLY or Sierra,
                                         as applicable, or (ii) any one or more assets or businesses of MDLY or its subsidiaries
                                         or Sierra or its subsidiaries that constitute 20% or more of the revenues or assets of
                                         MDLY and its subsidiaries, taken as a whole, or Sierra and its subsidiaries, taken as
                                         a whole, as applicable; or (b) any liquidation of MDLY or Sierra, in each case other
                                         than the MDLY Merger and the other transactions to occur at the MDLY Merger Closing in
                                         accordance with the MDLY Merger Agreement.</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDLY
    Merger Superior Proposal</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 73%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         bona fide written MDLY Merger Competing Proposal (but with all references to &ldquo;20%&rdquo;
                                         in the definition of MDLY Merger Competing Proposal being increased to &ldquo;50%&rdquo;
                                         to the extent relevant to the MDLY Merger Competing Proposal in question) made by a third
                                         party that the MDLY Board or the MDLY Special Committee or the Sierra Board or Sierra
                                         Special Committee, as applicable, determines in good faith, after consultation with its
                                         outside financial advisors and legal counsel, and taking into account the terms and conditions
                                         of such proposal, the party making such proposal, all financial, legal, regulatory and
                                         other aspects of such proposal, as well as the likelihood of consummation of the MDLY
                                         Merger Competing Proposal relative to the MDLY Merger and such other factors as the MDLY
                                         Board (or MDLY Special Committee) or Sierra Board (or Sierra Special Committee), as applicable,
                                         considers to be appropriate, is more favorable to MDLY&rsquo;s stockholders or Sierra
                                         Stockholders, as applicable, from a financial point of view than the MDLY Merger and
                                         the other transactions contemplated by the MDLY Merger Agreement (including any revisions
                                         to the terms of the MDLY Merger Agreement committed to by Sierra or MDLY, as applicable,
                                         to the other party in writing in response to such MDLY Merger Competing Proposal made
                                         to Sierra or MDLY, as applicable).</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDLY
    Record Date</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    record date for determination of the MDLY Stockholders of record entitled to vote at the special meeting of MDLY Stockholders,
    which is the close of business on December 21, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDLY
    RSUs</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    restricted stock units of MDLY outstanding and not previously forfeited under the MDLY Incentive Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0"><B>MDLY Special Meeting</B></P>


</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin: 0">Special meeting of the MDLY Stockholders</P>


</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDLY
    Stockholder Approval</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approval
    of the holders of a majority of the voting power of the outstanding shares of MDLY Common Stock as of the MDLY Record Date</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Medley
    Advisors</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively,
    the activities and operations of Medley Capital LLC, Medley LLC, Medley Management Inc., Medley Group LLC, and their respective
    affiliates</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Medley
    LLC Unitholders</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unitholders
    of Medley LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MGCL</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland
    General Corporation Law</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NYSE</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    New York Stock Exchange</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed
    Business Combination</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    proposed merger described herein between and among the Consolidating Entities</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SBA</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Small Business Administration</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SBIC
    Subsidiary</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medley
    SBIC, LP</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SEC</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    U.S. Securities and Exchange Commission</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIC
    Advisors</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIC
    Advisors LLC, the registered investment adviser to Sierra</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sierra</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra
    Income Corporation, a non-traded BDC, as existing prior to the Effective Time</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sierra
    Board</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 73%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra&rsquo;s
    board of directors</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sierra
    Bylaws</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    bylaws of Sierra</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sierra
    Charter</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Second Articles of Amendment and Restatement of Sierra</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sierra
    Incentive Plan</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    incentive plan to be adopted by Sierra</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sierra
    Investment Advisory Agreement</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Amended and Restated Investment Advisory Agreement by and between Sierra and SIC Advisors, dated April&nbsp;6, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sierra
    MCC Merger Adverse Recommendation Change</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    action taken by the Sierra Board or a committee thereof to (i) withhold, withdraw or modify or qualify, or propose publicly
    to withhold, withdraw or modify or qualify the Sierra Board Recommendation, (ii) fail to publicly announce, within 15 business
    days after a tender offer or exchange relating to the securities of Sierra shall have been commenced, a statement disclosing
    that Sierra Board recommends rejection of such tender offer or exchange offer, or (iii) approve, determine to be advisable,
    or recommend, or propose publicly to approve, determine to be advisable, or recommend, any &ldquo;MCC Merger Competing Proposal&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sierra
    MDLY Merger Adverse Recommendation Change</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    action taken by the Sierra Board or a committee thereof to (i) withhold, withdraw or modify or qualify, or propose publicly
    to withhold, withdraw or modify or qualify, the Sierra Board Recommendation, (ii) fail to publicly announce, within 15 business
    days after a tender offer or exchange relating to the securities of Sierra shall have been commenced, a statement disclosing
    that the Sierra Board recommends rejection of such tender offer or exchange offer, or (iii) approve, determine to be advisable,
    or recommend, or propose publicly to approve, determine to be advisable, or recommend, any &ldquo;MDLY Merger Competing Proposal&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sierra
    Special Meeting</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
    meeting of the Sierra Stockholders</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sierra
    Stockholder Approval</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    affirmative vote of the holders of a majority of the outstanding shares of Sierra common stock</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1933
    Act</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Securities Act of 1933, as amended</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1934
    Act</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Securities Exchange Act of 1934, as amended</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1940
    Act</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Investment Company Act of 1940, as amended</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES OF AMERICA</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Before
the</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 58%; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>In
                                         the Matter of</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIERRA
        INCOME CORPORATION, MEDLEY CAPITAL CORPORATION, MEDLEY MANAGEMENT INC., SIERRA MANAGEMENT, INC., MCC ADVISORS LLC, SOF
        ADVISORS LLC, STRF ADVISORS LLC, MEDLEY CAPITAL LLC, MOF II MANAGEMENT LLC, MOF III MANAGEMENT LLC, MEDLEY SMA ADVISORS
        LLC, MCOF MANAGEMENT LLC, AND MEDLEY (ASPECT) MANAGEMENT LLC</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">280
        Park Avenue, 6<SUP>th</SUP> Floor East</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
        York, NY 10017</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File
        No. 812-14971</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
        Company Act of 1940</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.3pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIRD
                                         AMENDED AND RESTATED APPLICATION FOR AN ORDER PURSUANT TO SECTIONS 6(c) AND 57(c) OF
                                         THE INVESTMENT COMPANY ACT OF 1940 (THE &ldquo;1940 ACT&rdquo;), GRANTING EXEMPTIONS
                                         FROM THE PROVISIONS OF SECTIONS 12(d)(3) AND 57(a)(1) AND (2) OF THE 1940 ACT AND UNDER
                                         SECTION 57(i) OF THE 1940 ACT AND RULE 17d-1 THEREUNDER TO PERMIT CERTAIN JOINT TRANSACTIONS
                                         OTHERWISE PROHIBITED BY SECTION 57(a)(4) OF THE 1940 ACT</B></FONT><B> AND RULE 17d-1
                                         THEREUNDER</B> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_02"></A>I.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>INTRODUCTION</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra
Income Corporation, Medley Capital Corporation, Medley Management Inc., Sierra Management, Inc., MCC Advisors, SOF Advisors LLC,
STRF Advisors LLC, Medley Capital LLC, MOF II Management LLC, MOF III Management LLC, Medley SMA Advisors LLC, MCOF Management
LLC, and Medley (Aspect) Management LLC (collectively, the &ldquo;<B><I>Applicants</I></B>&rdquo;) hereby apply for an exemptive
order of the U.S. Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;) under certain provisions of the 1940
Act. The order requested (the &ldquo;<B><I>Order</I></B>&rdquo;) would permit certain of the Applicants to engage in a series
of transactions that would, in effect, restructure the Medley Advisors&rsquo; family of companies.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
summary, it is anticipated that MCC will merge with and into Sierra, with Sierra as the surviving company </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">(the
&ldquo;<B><I>Combined Company</I></B>&rdquo;) in the merger (the &ldquo;<B><I>MCC Merger</I></B>&rdquo;); and MDLY will
merge with and into Sierra Management, Inc., a wholly-owned subsidiary of Sierra organized under the DGCL on August 7, 2018
(&ldquo;<B><I>Merger Sub</I></B>&rdquo;), with Merger Sub as the surviving company in the merger (the &ldquo;<B><I>MDLY
Merger</I></B>&rdquo;). The transactions are collectively referred to as the &ldquo;<B><I>Proposed Business
Combination</I></B>.&rdquo; As a result of the foregoing, the investment management function relating to the operation of
Sierra, as the surviving company, will be effectively internalized. If the Proposed Business Combination is consummated, the
Combined Company will wholly own Merger Sub, which will indirectly wholly own each of the Advisers (as defined below) (other
than STRF Advisors LLC, which will be majority owned by Merger Sub), including MCC Advisors LLC, which will
provide advisory services to the Combined Company. If either of the MCC Merger Agreement (as defined below) or the MDLY
Merger Agreement (as defined below) between the applicable parties is terminated, the party initiating the termination may be
obligated to pay the other party a termination fee.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Applicants request relief, pursuant
to Sections 6(c) and 57(c) of the 1940 Act, granting exemptions from the provisions of Sections 12(d)(3) and 57(a)(1) and (2)
of the 1940 Act, and under Section 57(i) of the 1940 Act and Rule 17d-1 thereunder, to permit the consummation of the MCC Merger
and the MDLY Merger, to permit the payment of certain termination fees if, under certain circumstances, the MCC Merger Agreement
and the MDLY Merger Agreement are terminated, and to permit Sierra to acquire securities of registered investment advisers pursuant
to the MCC Merger and the MDLY Merger which may otherwise be prohibited by Section 57(a)(4) of the 1940 Act and Rule 17d-1 thereunder.
No exemptive relief previously granted is being consolidated in this application. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In connection with
the Proposed Business Combination, Sierra has filed with the SEC a Registration Statement on Form N-14 that includes a joint proxy
statement of Sierra, MCC, and MDLY and, with respect to Sierra, constitutes a prospectus, dated December 21, 2018 (collectively,
the &ldquo;<B><I>Sierra Joint Proxy Statement/Prospectus</I></B>&rdquo;), and MCC and MDLY filed with the SEC a Proxy Statement
on Schedule 14A, dated December 21, 2018 (with respect to MCC, the &ldquo;<B><I>MCC Proxy Statement</I></B>&rdquo; and, with respect
to MDLY, the &ldquo;<B><I>MDLY Proxy Statement</I></B>&rdquo;). The Sierra Joint Proxy Statement/Prospectus, the MCC Proxy Statement,
and the MDLY Proxy Statement, as applicable, was first mailed or otherwise delivered to stockholders of Sierra, MCC, and MDLY
on or about December 21, 2018. The special meeting of Sierra Stockholders (the &ldquo;<B><I>Sierra Special Meeting</I></B>&rdquo;)
will take place on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2019 at [&nbsp;&nbsp;&nbsp;&nbsp;] [A.M./P.M.], Eastern
Time, <FONT STYLE="background-color: white">the special meeting of MCC Stockholders </FONT>(the &ldquo;<B><I>MCC Special Meeting</I></B>&rdquo;)
<FONT STYLE="background-color: white">will take place on </FONT>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2019 at [&nbsp;&nbsp;&nbsp;&nbsp;]
[A.M./P.M.]<FONT STYLE="background-color: white">, Eastern Time, and the special meeting of MDLY Stockholders (the &ldquo;<B><I>MDLY
Special Meeting</I></B>&rdquo;) will take place on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2019 at [&nbsp;&nbsp;&nbsp;&nbsp;]
[A.M./P.M.], Eastern Time.&nbsp;</FONT> </P>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_03"></A>II.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GENERAL DESCRIPTION OF MEDLEY ADVISORS&rsquo; ENTITIES</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A NAME="a_04"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Sierra Income Corporation</U></FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra
was organized under the MGCL on June 13, 2011 and is an externally managed non-traded BDC that commenced operations through the
initiation of a continuous public offering in April 2012. As of September 30, 2018, Sierra had total assets of approximately $1.1
billion and its net asset value (&ldquo;<B><I>NAV</I></B>&rdquo;) per share was $7.05. SIC Advisors, a wholly controlled subsidiary
of MDLY, is the investment adviser to Sierra. Until its offering was terminated effective as of July 31, 2018, Sierra offered
its shares of common stock (&ldquo;<B><I>Sierra Common Stock</I></B>&rdquo;) through SC Distributors, Inc., which, as the &ldquo;wholesaler&rdquo;
for the offering of shares of Sierra Common Stock, entered into numerous selling agreements with broker dealers who sold shares
of Sierra Common Stock directly to investors. The Sierra Board currently consists of five members, three of whom are not &ldquo;interested
persons&rdquo; of Sierra within the meaning of Section 2(a)(19).</FONT> </P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A NAME="a_05"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Medley Capital Corporation</U></FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MCC,
organized under the DGCL on January 20, 2011, is an externally managed BDC that commenced operations following the completion
of its initial public offering (an &ldquo;<B><I>IPO</I></B>&rdquo;) in January 2011. As of September 30, 2018, MCC had total assets
of approximately $742 million, NAV per share of $5.90, and its closing market price on the NYSE was $3.82. MCC Advisors, a wholly
controlled subsidiary of MDLY, is the investment adviser to MCC. The MCC Board currently consists of seven members, four of whom
are Independent Directors.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_06"></A>C.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Medley Management Inc.</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">MDLY was
organized under the DGCL on June 13, 2014 and commenced operations on September 29, 2014 upon the completion of its initial
public offering (&ldquo;<B><I>IPO</I></B>&rdquo;) of shares of Class A common stock, par value $0.01 per share (the
&ldquo;<B><I>MDLY Class A Common Stock</I></B>&rdquo;). MDLY raised $100.4 million, net of underwriting discounts, through
the issuance of 6,000,000 shares of MDLY Class A Common Stock at a public offering price of $18.00 per share. The offering
proceeds were used to purchase 6,000,000 newly issued LLC Units from Medley LLC. Prior to the IPO, MDLY had not engaged in
any business or other activities except in connection with its formation and IPO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the IPO, MDLY issued 100 shares of Class B common stock, par value $0.01 per share (the &ldquo;<B><I>MDLY Class B Common Stock</I></B>&rdquo;)
to Medley Group LLC (&ldquo;<B><I>Medley Group</I></B>&rdquo;), an entity wholly owned by the pre-IPO members of Medley LLC. For
so long as the pre-IPO members and then-current Medley personnel hold at least 10% of the aggregate number of shares of MDLY Class
A Common Stock and units of Medley LLC (&ldquo;<B><I>Medley LLC Units</I></B>&rdquo;) (excluding those Medley LLC Units held by
MDLY) then outstanding, the MDLY Class B Common Stock entitles Medley Group to a number of votes that is equal to 10 times the
aggregate number of Medley LLC Units held by all non-managing members of Medley LLC that do not themselves hold shares of MDLY
Class B Common Stock times the Exchange Rate (as defined in the Exchange Agreement (defined below)) which is currently one-for-one
and entitle each other holder of MDLY Class B Common Stock, without regard to the number of shares of MDLY Class B Common Stock
held by such other holder, to a number of votes that is equal to 10 times the number of membership units held by such holder times
the Exchange Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the IPO, Medley LLC amended and restated its limited liability agreement to modify its capital structure by reclassifying the
23,333,333 interests held by the pre-IPO members into a single new class of units. The pre-IPO members also entered into an exchange
agreement under which they (or certain permitted transferees thereof) have the right, subject to the terms of the exchange agreement,
to exchange their Medley LLC Units for shares of MDLY Class A Common Stock on a one-for-one basis, subject to customary conversion
rate adjustments for stock splits, stock dividends and reclassifications. In addition, pursuant to the amended and restated limited
liability agreement, MDLY became the sole managing member of Medley LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">MDLY is a holding
company and its sole material asset is a controlling equity interest in Medley LLC. MDLY operates and controls all of the business
and affairs and consolidates the financial results of Medley LLC and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><SUP>1</SUP> Unless
otherwise noted, all section and rule references herein refer to the 1940 Act, and the rules and regulations thereunder, as applicable.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Medley Group LLC, an entity
wholly-owned by the MDLY pre-IPO owners, holds all 100 issued and outstanding shares of MDLY Class B Common Stock. For so long
as the MDLY pre-IPO owners and then-current Medley Advisors personnel hold at least 10% of the aggregate number of shares of MDLY
Class A Common Stock and Medley LLC Units (excluding those Medley LLC Units held by MDLY), which MDLY refers to as the &ldquo;Substantial
Ownership Requirement,&rdquo; the MDLY Class B Common Stock entitles Medley Group LLC, without regard to the number of shares
of MDLY Class B Common Stock held by it, to a number of votes that is equal to 10 times the aggregate number of Medley LLC Units
held by all non-managing members of Medley LLC that do not themselves hold shares of MDLY Class B Common Stock times the Exchange
Rate and entitle each other holder of MDLY Class B Common Stock, without regard to the number of shares of MDLY Class B Common
Stock held by such other holder, to a number of votes that is equal to 10 times the number of Medley LLC Units held by such holder
times the Exchange Rate. For purposes of calculating the Substantial Ownership Requirement, (1) shares of MDLY Class A Common
Stock deliverable to the pre-IPO owners and then-current Medley Advisors personnel pursuant to outstanding equity awards will
be deemed then outstanding and (2) shares of MDLY Class A Common Stock and Medley LLC Units held by any estate, trust, partnership
or limited liability company or other similar entity of which any pre-IPO owner or then-current Medley Advisors personnel, or
any immediate family member thereof, is a trustee, partner, member or similar party will be considered held by such pre-IPO owner
or other then-current Medley Advisors personnel. From and after the time that the Substantial Ownership Requirement is no longer
satisfied, the MDLY Class B Common Stock will entitle Medley Group LLC, without regard to the number of shares of MDLY Class B
Common Stock held by it, to a number of votes that is equal to the aggregate number of Medley LLC Units held by all non-managing
members of Medley LLC that do not themselves hold shares of MDLY Class B Common Stock times the Exchange Rate and entitle each
other holder of MDLY Class B Common Stock, without regard to the number of shares of MDLY Class B Common Stock held by such other
holder, to a number of votes that is equal to the number of Medley LLC Units held by such holder times the Exchange Rate. At the
completion of the IPO, the pre-IPO owners of MDLY were comprised of all of the non-managing members of Medley LLC. However, Medley
LLC may in the future admit additional non-managing members that would not constitute pre-IPO owners. If at any time the Exchange
Rate, which is the ratio at which Medley LLC Units are exchangeable for shares of MDLY Class A Common Stock changes from one-for-one
as set forth in the Exchange Agreement, the number of votes to which holders of MDLY Class B Common Stock are entitled will be
adjusted accordingly. Holders of shares of MDLY Class B Common Stock will vote together with holders of MDLY Class A Common Stock
as a single class on all matters on which stockholders are entitled to vote generally, except as otherwise required by law. Other
than MDLY, holders of Medley LLC Units, including the pre-IPO owners, are, subject to limited exceptions, prohibited from transferring
any Medley LLC Units held by them upon consummation of the IPO, or any shares of MDLY Class A Common Stock received upon exchange
of such Medley LLC Units, until the third anniversary of the IPO without the consent of MDLY. Thereafter and prior to the fourth
and fifth anniversaries of the IPO, such holders may not transfer more than 33&nbsp;1/3% and 66&nbsp;2/3%, respectively, of the
number of Medley LLC Units held by them upon consummation of the IPO, together with the number of any shares of MDLY Class A Common
Stock received by them upon exchange therefor, without the consent of MDLY. While this agreement could be amended or waived by
MDLY, the pre-IPO owners have advised MDLY that they do not intend to seek any waivers of these restrictions. As of September
30, 2018, MDLY had total assets of approximately $94.1 million and its closing market price on the NYSE was $5.25 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are two sets of notes outstanding at Medley LLC. On August 9, 2016 and October 18, 2016, Medley LLC issued debt consisting of
$53.6 million in aggregate principal amount of senior unsecured notes due 2026 at a stated coupon rate of 6.875% (the &ldquo;<B><I>2026
Notes</I></B>&rdquo;). The net proceeds from these offerings were used to pay down a portion of Medley LLC&rsquo;s outstanding
indebtedness under a term loan facility. Interest is payable quarterly and interest payments commenced on November 15, 2016. The
2026 Notes are subject to redemption in whole or in part at any time or from time to time, at the option of Medley LLC, on or
after August 15, 2019 at a redemption price per security equal to 100% of the outstanding principal amount thereof plus accrued
and unpaid interest payments. The 2026 notes were recorded net of discount and direct issuance costs of $3.8 million which are
being amortized over the term of the notes using the effective interest rate method. The 2026 Notes are listed on the NYSE and
trades thereon under the trading symbol &ldquo;MDLX.&rdquo; The fair value of the 2026 Notes based on their underlying quoted
market price was $50.6 million as of September 30, 2018.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 18, 2017 and February 22, 2017, Medley LLC issued $69.0 million in aggregate principal amount of senior unsecured notes
due 2024 at a stated coupon rate of 7.25% (the &ldquo;<B><I>2024 Notes</I></B>,&rdquo; and collectively with the 2026 Notes, the
&ldquo;<B><I>Notes</I></B>&rdquo;). The net proceeds from these offerings were used to pay down the remaining portion of Medley
LLC&rsquo;s outstanding indebtedness under its Term Loan Facility with the remaining to be used for general corporate purposes.
Interest is payable quarterly and interest payments commenced on April 30, 2017. The 2024 Notes are subject to redemption in whole
or in part at any time or from time to time, at the option of Medley LLC, on or after January 30, 2020 at a redemption price per
security equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments. The 2024 notes were
recorded net of premium and direct issuance costs of $2.8 million which are being amortized over the term of the notes using the
effective interest rate method. The 2024 Notes are listed on the NYSE and trades thereon under the trading symbol &ldquo;MDLQ.&rdquo;
The fair value of the 2024 Notes based on their underlying quoted market price was $66.9 million as of September 30, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notes are publicly traded and listed on the NYSE and trade &ldquo;flat&rdquo; (meaning that purchasers do not pay, and sellers
do not receive, any accrued and unpaid interest on the Notes that is not included in the trading price). The Notes are direct
senior unsecured obligations of Medley LLC and rank <I>pari passu</I> with its existing and future unsecured senior indebtedness.
The Notes are effectively subordinated to all existing and future secured indebtedness (including indebtedness that is initially
unsecured to which security is subsequently granted), to the extent of the value of the assets securing such indebtedness, and
are structurally subordinated to all existing and future indebtedness and other obligations of any subsidiaries. None of the Notes
have been redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the Notes are held by any members of Management. It is anticipated that the Notes will remain outstanding as an obligation
of Medley LLC and will not be guaranteed by the Combined Company, and that the terms of the Notes will be generally unaffected
by the Proposed Business Combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A NAME="a_07"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Sierra Management, Inc.</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Sierra
Management, Inc. (post-Proposed Business Combination, &ldquo;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Merger
Sub</I><FONT STYLE="font-weight: normal">&rdquo;) is a newly-formed wholly-owned subsidiary of Sierra organized under the DGCL
on August 7, 2018.</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A NAME="a_08"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The Investment Advisers</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As a result of
the Proposed Business Combination, the Combined Company will acquire an indirect 100% ownership interest in Merger Sub,
which, as the successor to MDLY, will be a holding company for a number of revenue-generating registered investment advisers,
including: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOF
                                         Advisors LLC, an investment adviser that will be registered under the Investment Advisers
                                         Act of 1940, as amended (the &ldquo;<B><I>Advisers Act</I></B>&rdquo;) and will serve
                                         as an investment adviser to Sierra Opportunity Fund, an externally managed, non-diversified,
                                         closed-end management investment company that will be registered under the 1940 Act.
                                         SOF Advisors LLC is currently a wholly owned subsidiary of Medley LLC and, if the Proposed
                                         Business Combination is consummated, SOF Advisors LLC will be an indirect wholly owned
                                         subsidiary of the Combined Company.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STRF
Advisors LLC, an investment adviser registered under the Advisers Act, which serves as an investment adviser to Sierra Total Return
Fund, an externally managed, non-diversified, closed-end management investment company registered under the 1940 Act. STRF Advisors
LLC is currently a majority owned subsidiary of Medley LLC and, if the Proposed Business Combination is consummated, STRF Advisors
LLC will be an indirect majority owned subsidiary of the Combined Company.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MCC
                                         Advisors LLC, an investment adviser registered under the Advisers Act, which will serve
                                         as an investment adviser to the Combined Company. MCC Advisors LLC is currently a wholly
                                         owned subsidiary of Medley LLC and, if the Proposed Business Combination is consummated,
                                         MCC Advisors LLC will be an indirect wholly owned subsidiary of the Combined Company.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medley
                                         Capital LLC, an investment adviser registered under the Advisers Act, which currently
                                         does not provide advisory services to clients. Medley LLC is currently controlled by
                                         MDLY and, if the Proposed Business Combination is consummated, Medley LLC will be an
                                         indirect wholly owned subsidiary of the Combined Company.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MOF
                                         II Management LLC, an investment adviser registered under the Advisers Act, which serves
                                         an as investment adviser to MOF Opportunity Fund II LP, a private fund. MOF II Management
                                         LLC is currently a wholly owned subsidiary of Medley LLC and, if the Proposed Business
                                         Combination is consummated, MOF II Management LLC will be an indirect wholly owned subsidiary
                                         of the Combined Company.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MOF
                                         III Management LLC, an investment adviser registered under the Advisers Act, which serves
                                         as an investment adviser to Medley Opportunity Fund III LP, Medley Opportunity Fund Offshore
                                         III LP, and Medley Opportunity Fund III (Cayman) Ltd., each of which are private funds.
                                         MOF III Management LLC is currently a wholly owned subsidiary of Medley LLC and, if the
                                         Proposed Business Combination is consummated, MOF III Management LLC will be an indirect
                                         wholly owned subsidiary of the Combined Company.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD> &nbsp; </TD><TD> &#9679; </TD><TD STYLE="text-align: justify"> Medley SMA Advisors LLC, an investment adviser
                                         registered under the Advisers Act, which serves as an investment adviser to various separately
                                         managed accounts (&ldquo;<B><I>SMAs</I></B>&rdquo;) and Medley Real D (Annuity) LLC,
                                         Medley Credit Strategies (KOC) LLC, and Medley Tactical Opportunities LLC, each of which
                                         are private funds. </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MCOF
                                         Management LLC, an investment adviser registered under the Advisers Act, which serves
                                         as an investment adviser to Medley Credit Opportunity Cayman Fund LP, Medley Credit Opportunity
                                         Delaware Fund LP, and Medley Credit Opportunity Fund LP, each of which are private funds.
                                         MCOF Management LLC is currently a wholly owned subsidiary of Medley LLC and, if the
                                         Proposed Business Combination is consummated, MCOF Management LLC will be an indirect
                                         wholly owned subsidiary of the Combined Company.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medley
                                         (Aspect) Management LLC, an investment adviser registered under the Advisers Act, which serves as an investment adviser to Aspect-Medley Investment Platform A LP, a private fund. Medley (Aspect) Management
LLC is currently a wholly owned subsidiary of Medley LLC and, if the Proposed Business Combination is consummated, Medley
(Aspect) Management LLC will be an indirect wholly owned subsidiary of the Combined Company (each
                                         an &ldquo;<B><I>Adviser</I></B>&rdquo; and together, collectively with any future registered
                                         investment adviser owned by Merger Sub, the &ldquo;<B><I>Advisers</I></B>&rdquo;).</FONT> </TD></TR></TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_09"></A>III.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>THE PROPOSED BUSINESS COMBINATION</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A NAME="a_10"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Applicants&rsquo; Representations</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><A NAME="a_11"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Background and Reasons for the Proposed Business
    Combination</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Since
Medley Advisors&rsquo; inception in 2006, Management operated Medley Advisors&rsquo; asset management business with a focus on
d</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">irect origination, careful structuring
and active monitoring of loan portfolios. <FONT STYLE="background-color: white">Medley Advisors&rsquo;</FONT> investment vehicles
have generally focused on private middle market companies in the United States that have revenues between $50 million and $1 billion.
MCC completed its IPO in January 2011. MCC was the first publicly traded BDC to which <FONT STYLE="background-color: white">Medley
Advisors </FONT>provided asset management services. In April of 2012, <FONT STYLE="background-color: white">Medley Advisors</FONT>
launched Sierra, its first public non-traded BDC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="background-color: white">Medley
Advisors </FONT>understood at the outset that to remain competitive in the middle-market lending space, its advisory clients,
including Sierra, MCC, private funds and SMAs (the &ldquo;<B><I>Advisory Clients</I></B>&rdquo;) advised by <FONT STYLE="background-color: white">Medley
Advisors </FONT>could pool their resources in order to have the benefits of scale and greater access to capital that borrowers
demanded. In that regard, in November 2013, Medley Advisors and certain Advisory Clients obtained an order from the SEC that expanded
Medley Advisors&rsquo; ability to engage in transactions that would otherwise be prohibited by Section 57(a)(4) under the 1940
Act and Rule 17d-1 thereunder.<SUP>2</SUP> Since that time, <FONT STYLE="background-color: white">competition for private debt
investment opportunities in the lower middle market has significantly intensified and </FONT>Medley Advisors believes that <FONT STYLE="background-color: white">the
need for scale in the asset management business has become even more important. </FONT>As a result of the Proposed Business Combination,
the assets under management of the Combined Company will increase, which will offer the potential for scale for investment and
financing flexibility. In that regard, the Combined Company is expected to have improved access to capital for its prospective
borrowers, greater access to financial sponsors, and substantial and higher quality deal flow. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><B>&nbsp;</B></TD>
    <TD STYLE="width: 0.5in"><B><A NAME="a_12"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></B></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Summary of Proposed Business Combination
    Transactions</U></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Proposed Business Combination, the Sierra Special Committee unanimously determined, and recommended that the
Sierra Board determine, that the MCC Merger Agreement, the MDLY Merger Agreement and the transactions contemplated thereby, including,
without limitation, the MCC Merger and the MDLY Merger, are advisable and fair to, and the best interests of, Sierra and the Sierra
Stockholders. In reaching that conclusion, the Sierra Special Committee noted, among other things, the increased scale of the
resulting company, the benefit of providing liquidity to the Sierra Stockholders through a public listing, the financial benefits
of the transaction, particularly the accretion in net investment income (&ldquo;<B><I>NII</I></B>&rdquo;) and NAV, and the benefits
of internalization of asset management.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Board, acting upon the recommendation of the Sierra Special Committee, unanimously approved the MCC Merger Agreement and
the transactions contemplated thereunder, including the MCC Merger, upon the terms and subject to the conditions and limitations
set forth in the MCC Merger Agreement, and resolved to submit the MCC Merger Agreement and the matters described therein to the
Sierra Stockholders for their approval at a special meeting of the Sierra Stockholders. In addition the Sierra Board, including
the Sierra Special Committee of its independent directors, unanimously approved the MDLY Merger Agreement and the transactions
contemplated thereunder, including the MDLY Merger, upon the terms and subject to the conditions and limitations set forth in
the MDLY Merger Agreement, and resolved to submit the MDLY Merger Agreement and the matters described therein to the Sierra Stockholders
for their approval at a special meeting of the Sierra Stockholders.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Proposed Business Combination, the MCC Special Committee unanimously determined, and recommended that the
MCC Board determine, that the MCC Merger Agreement and the transactions contemplated thereby, including, without limitation, the
MCC Merger, are advisable and fair to, and in the best interests of, MCC and the MCC Stockholders.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
making this determination, the MCC Special Committee took into account a number of specific financial and business
considerations, including, among others, the value of the MCC Merger Consideration (including the higher Exchange Ratio than
that initially proposed), the opinion of Sandler O&rsquo;Neill &amp; Partners, L.P. (&ldquo;<B><I>Sandler
O&rsquo;Neill</I></B>&rdquo;), independent financial advisor to the MCC Special Committee, that the
consideration to be received is fair from a financial point of view, the estimated accretion in NII, and the Combined
Company&rsquo;s greater scale and more diversified balance sheet with less exposure to non-accruing loans. The MCC Board,
acting upon the recommendation of the MCC Special Committee, unanimously approved the MCC Merger Agreement and the
transactions contemplated thereunder, including the MCC Merger, upon the terms and subject to the conditions and limitations
set forth in the MCC Merger Agreement, and resolved to submit the MCC Merger Agreement and the matters described therein to
the stockholders of MCC for their approval at a special meeting of MCC&rsquo;s stockholders.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Proposed Business Combination, the MDLY Special Committee unanimously determined, and recommended the MDLY
Board determine, that the MDLY Merger Agreement and the transactions contemplated thereby, including, without limitation, the
MDLY Merger, are advisable and fair to, and in the best interests of, MDLY and the unaffiliated MDLY Stockholders. In making the
determinations and recommendations described above, the MDLY Special Committee took into account a number of considerations, reasons
and factors, including, among others, the fairness presentation by Barclays and its fairness opinion, the terms of the MDLY Merger
Agreement, the value and form of the MDLY Merger Consideration, the First Special Dividend and the Second Special Dividend payable
to the unaffiliated MDLY Stockholders, the extensive sales processes run by MDLY prior to the execution of the MDLY Merger Agreement,
the risks/challenges, timing and uncertainties of alternatives available to MDLY, and the benefits to the Combined Company that
could result from the Mergers.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MDLY Board, acting upon the recommendation of the MDLY Special Committee, unanimously (i) determined that the MDLY Merger Agreement
and the transactions contemplated thereby, including, without limitation, the MDLY Merger, are advisable and fair to, and in the
best interests of, MDLY and the MDLY Stockholders, (ii) approved and declared advisable the MDLY Merger Agreement and the transactions
contemplated thereby, including, without limitation, the MDLY Merger, (iii) resolved to submit the MDLY Merger Agreement to the
MDLY Stockholders for its adoption, and (iv) recommended that the MDLY Stockholders approve the adoption of the MDLY Merger Agreement.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </P>

<P STYLE="margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
determinations are discussed more fully below under &ldquo;&mdash;Reasons for the Mergers.&rdquo;</FONT> </P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>2 </SUP><I>In the Matter of Medley
Capital Corporation, et al.,</I>&nbsp;Investment Company Act Release Nos. 32809 (Sept. 8, 2017) (notice) and 32850 (Oct. 4, 2017)
(order); <I>In the Matter of Medley Capital Corporation, et al.,</I>&nbsp;Investment Company Act Release Nos. 32520 (Mar. 3, 2017)
(notice) and 32581 (Mar. 29, 2017) (order); <I>In the Matter of Medley Capital Corporation, et al.,</I>&nbsp;Investment Company
Act Release Nos. 30769 (Oct. 28, 2013) (notice) and 30807 (Nov. 25, 2013) (order)<I>.</I></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.5in"><B>3.</B></TD>
    <TD STYLE="text-align: justify"><B><U><A NAME="a_100"></A>History of the Proposed Business Combination</U></B></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_13"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>a.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Formation
                                         of Special Committees</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the potential strategic transactions, each of the Sierra Board, the MCC Board and the MDLY Board formed special
committees, comprised solely of Independent Directors, and granted such special committees the authority to, among other things,
evaluate and review the terms of the MCC Merger and/or the MDLY Merger, as applicable, or any alternatives thereto. Each of the
special committee of the Sierra Board (the &ldquo;<B><I>Sierra Special Committee</I></B>&rdquo;), formed on January 26, 2018,
the special committee of the MCC Board (the &ldquo;<B><I>MCC Special Committee</I></B>&rdquo;), formed on January 26, 2018, and
the special committee of the MDLY Board (the &ldquo;<B><I>MDLY Special Committee</I></B>&rdquo;), formed on February 7, 2018,
has retained its own independent legal counsel and independent financial advisor.&nbsp; This has enabled&nbsp;each of the respective
committees to consult with and rely on the advice of professionals who, like the Independent Directors themselves, were independent
of the other parties to the transaction and could provide independent advice and guidance. </FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_14"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Description
                                         of the Transactions</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Proposed Business Combination would be effected through three separate, yet related, transactions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         MDLY Merger Agreement provides that MDLY will take (and will cause Medley LLC to take)
                                         all steps necessary to cause all Medley LLC Units held by members of Medley LLC, other
                                         than MDLY, issued and outstanding immediately prior to the MDLY Merger Effective Time
                                         (defined below) to be converted into shares of MDLY Class A Common Stock as of immediately
                                         prior to the MDLY Merger Effective Time, pursuant to the Exchange Agreement (such exchange,
                                         the &ldquo;<B><I>Exchange</I></B>&rdquo;). As a result of the Exchange, Medley LLC would
                                         be wholly owned by MDLY.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
                                         following the Exchange:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
                                         to the MCC Merger Agreement, MCC would merge with and into Sierra. In the MCC Merger,
                                         each issued and outstanding share of MCC Common Stock would be converted into the right
                                         to receive a number of shares of Sierra Common Stock. The MCC Merger has been approved
                                         by each of the MCC Special Committee and the Sierra Special Committee, and is required
                                         to be approved by the MCC Stockholders (the &ldquo;<B><I>MCC Stockholders</I></B>&rdquo;)
                                         and the Sierra Stockholders (the &ldquo;<B><I>Sierra Stockholders</I></B>&rdquo;).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">o</TD><TD STYLE="text-align: justify">Pursuant
                                         to the MDLY Merger Agreement, MDLY would merge with and into a newly formed wholly owned
                                         subsidiary of Sierra (&ldquo;<B><I>Merger Sub</I></B>&rdquo;), with Merger Sub surviving
                                         the merger (the &ldquo;<B><I>MDLY Merger</I></B>&rdquo; and, together with the MCC Merger,
                                         the &ldquo;<B><I>Mergers</I></B>&rdquo;). In the MDLY Merger, each share of MDLY Class
                                         A Common Stock issued and outstanding immediately prior to the MDLY Merger Effective
                                         Time, other than Dissenting Shares (as defined in the MDLY Merger Agreement) and shares
                                         of MDLY Class A Common Stock held by MDLY, Sierra or their respective wholly owned subsidiaries,
                                         will be converted into the right to receive (i) 0.3836 shares of Sierra Common Stock;
                                         plus (ii) cash in an amount equal to $3.44 per share. In addition, MDLY stockholders
                                         (the &ldquo;<B><I>MDLY Stockholders</I></B>&rdquo;) will have the right to receive certain
                                         dividends and/or other payments, as described herein. Each share of MDLY Class B Common
                                         Stock issued and outstanding immediately prior to the MDLY Merger Effective Time, other
                                         than Dissenting Shares, will be canceled without consideration therefor at the MDLY Merger
                                         Effective Time. All Medley LLC Units held by members of Medley LLC, other than MDLY,
                                         issued and outstanding immediately prior to the MDLY Merger Effective Time, will be converted
                                         into shares of MDLY Class A Common Stock as of immediately prior to the MDLY Merger Effective
                                         Time. The MDLY Merger Agreement has been approved by both the MDLY Special Committee
                                         and the Sierra Special Committee, respectively, and, based upon the respective recommendations
                                         of the MDLY Special Committee and the Sierra Special Committee, the MDLY Board and the
                                         Sierra Board approved the MDLY Merger Agreement. The MDLY Merger Agreement is required
                                         to be approved by the MDLY Stockholders and the Sierra Stockholders.</TD>
</TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MCC Merger and the MDLY Merger would occur simultaneously. In connection with the Mergers, Sierra, as the Combined Company, would
apply for listing of Sierra Common Stock on the NYSE, and is expected to apply for listing of Sierra Common Stock on the Tel Aviv
Stock Exchange, with such listings to be effective as of the closing date of the Mergers. As a result of the Exchange and the
Mergers, the investment portfolios of MCC and Sierra would be combined, Merger Sub, as the survivor in the MDLY Merger, would
be a wholly owned subsidiary of the Combined Company, and the Combined Company would be internally managed by its wholly owned
investment adviser subsidiary. In addition, former MCC Stockholders and MDLY Stockholders would be stockholders of the Combined
Company (the &ldquo;<B><I>Combined Company Stockholders</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also
as a result of the Mergers, the Sierra Investment Advisory Agreement and the MCC Investment Management Agreement will terminate.
However, for the reasons described more fully below, the Combined Company will enter into an advisory agreement with MCC Advisors
(the &ldquo;<B><I>New Investment Advisory Agreement</I></B>&rdquo;). The New Investment Advisory Agreement will contain substantially
the same terms as the Sierra Investment Advisory Agreement. Notwithstanding that there will be no change in the advisory fee charged
to the Combined Company for advisory services under the New Investment Advisory Agreement, the New Investment Advisory Agreement
will be subject to the requirements of Section 15(c). The Combined Company Board will perform a review of the New Investment Advisory
Agreement pursuant to Section 15(c). All management employees are currently employed at Medley Capital LLC and provide services
to Sierra through SIC Advisors pursuant to an inter-company servicing agreement. That structure would remain in place following
closing of a transaction, with Medley Capital LLC becoming a wholly owned subsidiary of the Combined Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_15"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>The
                                         MCC Merger Agreement</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the MCC Merger Agreement, subject to certain conditions described therein, at closing (the &ldquo;<B><I>MCC Merger Closing</I></B>&rdquo;),
MCC will merge with and into Sierra, and the separate corporate existence of MCC will cease. Sierra would be the surviving company
in the MCC Merger and would continue its existence as a corporation under the MGCL. The MCC Merger will become effective at the
time (the &ldquo;<B><I>MCC Merger Effective Time</I></B>&rdquo;) set forth in a certificate of merger (the &ldquo;<B><I>MCC Certificate
of Merger</I></B>&rdquo;) to be filed with the Secretary of State of the State of Delaware (the &ldquo;<B><I>Delaware Secretary</I></B>&rdquo;)
and articles of merger (the &ldquo;<B><I>MCC Articles of Merger</I></B>&rdquo;) to be filed with the State Department of Assessments
and Taxation for the State of Maryland (&ldquo;<B><I>SDAT</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>i.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Consideration</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the MCC Merger, each share of MCC Common Stock issued and outstanding immediately prior to the MCC Merger Effective Time, other
than Excluded MCC Shares, will be converted into the right to receive 0.8050 shares of Sierra Common Stock (collectively, the
&ldquo;<B><I>MCC Merger Shares</I></B>&rdquo; and, such ratio, the &ldquo;<B><I>MCC Exchange Ratio</I></B>&rdquo;); provided,
however, that a holder of MCC Common Stock who would otherwise be entitled to receive a fraction of a share of Sierra Common Stock
will, with respect to such fractional share, instead receive an amount in cash (rounded to the nearest cent) determined by multiplying
(i) the most recently determined NAV per share of Sierra Common Stock by (ii) the fractional share (after taking into account
all shares of MCC Common Stock held by such holder at the MCC Merger Effective Time and rounded to the nearest thousandth when
expressed in decimal form) that such holder would otherwise be entitled to receive. The MCC Merger Shares and such cash payable
in lieu of fractional shares of Sierra Common Stock is referred to collectively as the &ldquo;<B><I>MCC Merger Consideration</I></B>.&rdquo;
It is intended that the MCC Merger will constitute a &ldquo;reorganization&rdquo; within the meaning of Section 368(a) of the
Code, and that the MCC Merger Agreement will constitute a &ldquo;plan of reorganization&rdquo; for such purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MCC Merger Agreement provides that if, between the date of the MCC Merger Agreement and the MCC Merger Effective Time, the outstanding
shares of Sierra Common Stock are increased, decreased, changed into or exchanged for a different number or kind of shares or
securities as a result of a reclassification, stock dividend, stock split, reverse stock split, or other similar change and specifically
excluding sales of Sierra Common Stock, sales of Sierra equity-linked securities, and issuance of Sierra Common Stock pursuant
to Sierra&rsquo;s dividend reinvestment plan or otherwise in lieu of a portion of any cash dividend declared by Sierra, an appropriate
and proportionate adjustment will be made to the MCC Exchange Ratio.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the MCC Merger Closing Date (as defined below), in the event that MCC has undistributed investment company taxable income (as
defined in Section 852(b)(2) of the Code) or net capital gain (as defined in Section 1221(11) of the Code) for MCC&rsquo;s short
taxable year ending on the MCC Merger Closing Date, MCC is required to declare a dividend (the &ldquo;<B><I>Final MCC Dividend</I></B>&rdquo;)
to MCC Stockholders. The Final MCC Dividend, together with all previous MCC dividends with respect to MCC&rsquo;s taxable year
ending on the MCC Merger Closing Date, must result in MCC distributing to MCC Stockholders all of MCC&rsquo;s undistributed investment
company taxable income (as defined in Section 852(b)(2) of the Code) and all of MCC&rsquo;s net capital gain (as defined in Section
1221(11) of the Code) for MCC&rsquo;s taxable year ending on the MCC Merger Closing Date. If MCC determines it necessary to declare
a Final MCC Dividend, it must notify Sierra at least ten days prior to the</FONT> MCC Special Meeting. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ii.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Sierra
                                         Charter and Bylaws</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the MCC Merger Agreement, the Sierra Board must review and approve an amendment and restatement of the Sierra Charter (as so
amended and restated, the &ldquo;<B><I>Amended and Restated Sierra Charter</I></B>&rdquo;). It is expected that the Amended and
Restated Sierra Charter will be determined to be reasonably acceptable by the MCC Board and the MDLY Board, including the MCC
Special Committee and the MDLY Special Committee, respectively, in order to remove terms inconsistent with, and to add terms advisable
to reflect, the publicly traded nature of the Combined Company following the MCC Merger Effective Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Board must also review and approve an amendment and restatement of the Sierra Bylaws (the &ldquo;<B><I>Amended and Restated
Sierra Bylaws</I></B>&rdquo;). It is expected that the Amended and Restated Sierra Bylaws will be determined to be reasonably
acceptable by the MCC Board and the MDLY Board, including the MCC Special Committee and the MDLY Special Committee, respectively,
in order to remove terms inconsistent with, and to add terms advisable to reflect, the publicly traded nature of the Combined
Company following the MCC Merger Effective Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>iii.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Officers
                                         and Directors of the Surviving Company</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the MCC Merger Agreement, Sierra must agree to take such actions as may be required by the Sierra Charter and Sierra Bylaws in
order to appoint individuals to serve as directors of Sierra, as the surviving company in the MCC Merger, effective as of the
MCC Merger Effective Time, which individuals shall consist of the current Independent Directors of Sierra, one interested director
of Sierra and two Independent Directors of MCC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Sierra Board must appoint the individuals who will serve as the officers of Sierra, as the surviving company in
the MCC Merger, following the MCC Merger Effective Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>iv.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Closing
                                         of the MCC Merger</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
extended by mutual agreement of MCC and Sierra, the MCC Merger Closing will take place at 10:00 a.m. on a date and at a place
to be specified by the parties, which will be no later than five business days after the satisfaction or waiver (subject to applicable
law) of the last to occur of the conditions to the MCC Merger Closing (as set forth in the MCC Merger Agreement and as described
in &ldquo;&mdash; Conditions to the MCC Merger&rdquo;), other than conditions that by their terms are to be satisfied at the MCC
Merger Closing and subject to the satisfaction or waiver of such conditions. The date on which the MCC Merger Closing actually
occurs is referred to as the &ldquo;<B><I>MCC Merger Closing Date</I></B>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contemporaneously
with the MCC Merger Closing, Sierra will file or cause to be filed the MCC Certificate of Merger with the Delaware Secretary,
and the MCC Articles of Merger with SDAT. The MCC Merger will become effective at the MCC Merger Effective Time set forth in the
MCC Certificate of Merger and MCC Articles of Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>v.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Representations
                                         and Warranties</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MCC Merger Agreement contains certain representations and warranties made by MCC to Sierra and Sierra to MCC including, but not
limited to, representations regarding:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporate
                                         organization, valid existence, good standing, qualification to do business and subsidiaries;</FONT></TD></TR>                                                                                                                                                      <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">capitalization,
                                         indebtedness and equity awards;</FONT></TD></TR>                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporate
                                         authority, validity of the MCC Merger Agreement and unanimous board approval of the MCC
                                         Merger;</FONT></TD></TR>                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">absence
                                         of conflicts with or violation of, among other things, organizational documents or applicable
                                         laws;</FONT></TD></TR>                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">absence
                                         of third party and governmental consents and approvals;</FONT></TD></TR>                                                                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
                                         reports and regulatory matters;</FONT></TD></TR>                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
                                         statements;</FONT></TD></TR>                                                                     <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker&rsquo;s
                                         fees;</FONT></TD></TR>                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">absence
                                         of certain changes and events;</FONT></TD></TR>                                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal
                                         proceedings;</FONT></TD></TR>                                                                      <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxes
                                         and tax returns;</FONT></TD></TR>                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">compliance
                                         with applicable law;</FONT></TD></TR>                                                                              <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">material
                                         contracts;</FONT></TD></TR>                                                                    <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">matters
                                         relating to investments and ownership thereof;</FONT></TD></TR>                                                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">property;</FONT></TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">intellectual
                                         property;</FONT></TD></TR>                                                                   <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inapplicability
                                         of state takeover laws;</FONT></TD></TR>                                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         fairness opinion received by the MCC Special Committee and the Sierra Special Committee,
                                         as applicable;</FONT></TD></TR>                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
                                         to be provided by MCC or Sierra or their respective representatives for inclusion in
                                         the Sierra Joint Proxy Statement/Prospectus;</FONT> </TD></TR>                                                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance;</FONT></TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">environmental
                                         matters; and</FONT></TD></TR>                                                                      <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">knowledge
                                         regarding reorganization and approval matters.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>vi.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Covenants
                                         Relating to the Conduct of the Business</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the MCC Merger Agreement, Sierra and MCC have agreed that, except as expressly contemplated by or permitted by the MCC Merger
Agreement or the MDLY Merger Agreement or with the prior written consent of the other party, during the period from the date of
the MCC Merger Agreement to the MCC Merger Effective Time, (a) each of Sierra and MCC will, and will cause each of its respective
subsidiaries to, (i) conduct its business in the ordinary course in all material respects, as such business is being conducted
as of the date of the MCC Merger Agreement, and (ii) use commercially reasonable efforts to maintain and preserve intact its business
organization and advantageous business relationships and retain the services of its key officers and key employees, and (b) each
of Sierra and MCC will, and will cause each of its respective subsidiaries to, take no action that is intended to or would reasonably
be expected to adversely affect or materially delay the ability of Sierra or MCC either to obtain any necessary approvals of any
self-regulatory organization or governmental entity required for the transactions contemplated by the MCC Merger Agreement or
to perform its covenants and agreements under the MCC Merger Agreement or to consummate the transactions contemplated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, MCC has agreed, except as expressly contemplated or permitted by the MCC Merger Agreement or as set forth in a schedule
to the MCC Merger Agreement, without the written consent of Sierra (which may not be unreasonably withheld, conditioned or delayed),
to not, and to not permit its subsidiaries to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
                                         than in the ordinary course of business consistent with past practice, incur any indebtedness
                                         for borrowed money, assume, guarantee, endorse or otherwise as an accommodation become
                                         responsible for the obligations of any other individual, corporation or other entity,
                                         or, make any loan or advance or capital contribution to, or investment in, any person
                                         or entity;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adjust,
                                         split, combine or reclassify any of its capital stock;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make,
                                         declare or pay any dividend, other than (i) the Final MCC Dividend, if necessary, (ii)
                                         its regular quarterly dividend consistent with past practice of no more than $0.10 per
                                         share (or in such lower amount as may be determined by MCC in the MCC Board&rsquo;s discretion),
                                         and (iii) dividends paid by any of MCC&rsquo;s subsidiaries to MCC or to any of its wholly-owned
                                         subsidiaries;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make
                                         any other distribution on, or directly or indirectly redeem, purchase or otherwise acquire,
                                         any shares of its capital stock or other ownership interests or any securities or obligations
                                         other than in the ordinary course of business consistent with past practice or as required
                                         under Subchapter M of Chapter 1 of the Code;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">grant
                                         any stock options or restricted shares or restricted units or restricted stock units,
                                         or grant any person or entity any right to acquire any shares of its capital stock or
                                         other ownership interests or other securities or issue or sell any additional shares
                                         of capital stock or other ownership interests or securities or rights convertible (whether
                                         currently convertible or convertible only after the passage of time or the occurrence
                                         of certain events) into or exchangeable for any shares of its capital stock or other
                                         ownership interest;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sell,
                                         transfer, pledge, lease, license, mortgage, encumber or otherwise dispose of any material
                                         amount of its properties or assets (including pursuant to securitizations) to any person
                                         or entity other than a wholly-owned subsidiary or cancel, release or assign any material
                                         amount of indebtedness owed to or any claims held by MCC or any of its subsidiaries,
                                         in each case other than pursuant to contracts in force as of the date of the MCC Merger
                                         Agreement and set forth in MCC&rsquo;s disclosure schedule to the MCC Merger Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action, or knowingly fail to take any action, which action or failure to act is reasonably
                                         likely to prevent the MCC Merger from qualifying as a reorganization within the meaning
                                         of Section 368(a) of the Code or take any action, or knowingly fail to take any action,
                                         inconsistent with the treatment of the MCC Merger as a reorganization for U.S. federal
                                         income tax purposes;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend
                                         the MCC certificate of incorporation or the MCC bylaws or the organizational documents
                                         of any subsidiary of MCC, or take any action to exempt any person or entity (other than
                                         Sierra or its subsidiaries) or any action taken by any person or entity from any applicable
                                         takeover statute or similarly restrictive provisions of its organizational documents;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                         into, renew, modify, amend or terminate, or waive, release, compromise or assign any
                                         rights or claims under, any material contract (as defined in the MCC Merger Agreement)
                                         of MCC (or any contract that, if existing as of the date of the MCC Merger Agreement,
                                         would be a material contract of MCC), other than (i) any termination or renewal in accordance
                                         with the terms of any existing material contract that occurs automatically without any
                                         action (other than notice of renewal) by MCC or any of its subsidiaries, (ii) the entry
                                         into any modification or amendment of, or waiver or consent under, any material contract
                                         as required or necessitated to obtain any required approval in connection with the MCC
                                         Merger, (iii) the termination of a material contract of MCC specifically contemplated
                                         by the MCC Merger Agreement or (iv) amendments, waivers or consents to or under the existing
                                         debt documents of MCC in the ordinary course of business consistent with past practice;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">form
                                         any entity that would comprise a subsidiary or dissolve or liquidate any subsidiary,
                                         in each case other than a wholly-owned subsidiary;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">materially
                                         amend any income tax return or any other material tax return;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">settle
                                         or compromise any material U.S. federal, state, local or foreign income tax liability,
                                         audit, claim or assessment;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                         into any material closing agreement related to taxes, except in each case unless required
                                         by tax law or necessary or appropriate to preserve the status of any subsidiary of MCC
                                         as a disregarded entity or partnership for U.S. federal income tax purposes;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acquire
                                         the assets, business, or properties of any non-affiliated entity, or make any loans,
                                         advances or capital contributions to, or investments in, any person or entity (other
                                         than any wholly-owned subsidiary of MCC);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">allow
                                         the lapse or termination of policies of insurance covering material assets and businesses
                                         (other than the replacement of existing policies with substantially comparable policies);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action or willfully fail to take any action that is intended or may reasonably be
                                         expected to result in any of the conditions to the MCC Merger Closing not being satisfied;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">implement
                                         or adopt any change in its tax accounting or financial accounting principles, practices
                                         or methods, other than as may be required by applicable law, GAAP or regulatory guidelines;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action that would be reasonably expected to prevent, materially impede or delay beyond
                                         March 31, 2019 (the &ldquo;<B><I>MCC Outside Date</I></B>&rdquo;) the consummation of
                                         the transactions contemplated by the MCC Merger Agreement; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">agree
                                         to take, or publicly announce an intention to take, any of the foregoing actions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Sierra has agreed, except as expressly contemplated or permitted by the MCC Merger Agreement or as set forth in a schedule
to the MCC Merger Agreement, without the written consent of MCC (which may not be unreasonably withheld, conditioned or delayed),
to not, and to not permit its subsidiaries to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adjust,
                                         split, combine or reclassify any of its capital stock;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make,
                                         declare or pay any dividend, other than (i) its regular quarterly dividend consistent
                                         with past practice, (ii) dividends paid by any of Sierra&rsquo;s subsidiaries to Sierra
                                         or to any of its wholly-owned subsidiaries and (iii) any dividend necessary to comply
                                         with Subchapter M of Chapter 1 of the Code;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make
                                         any other distribution on, or directly or indirectly redeem, purchase or otherwise acquire,
                                         any shares of its capital stock or other ownership interests or any securities or obligations
                                         other than in the ordinary course of business consistent with past practice or as required
                                         by the Sierra Charter or Sierra Bylaws or under Subchapter M of Chapter 1 of the Code;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">grant
                                         any stock options or restricted shares or restricted stock units, or grant any person
                                         or entity any right to acquire any shares of its capital stock, or other ownership interests
                                         or other securities or issue or sell any additional shares of capital stock or other
                                         ownership interests or securities or rights convertible (whether currently convertible
                                         or convertible only after the passage of time or the occurrence of certain events) into
                                         or exchangeable for any shares of its capital stock or other ownership interest, other
                                         than in the ordinary course of business consistent with past practice or as contemplated
                                         by Sierra&rsquo;s SEC reports;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue
                                         any additional shares of capital stock or other securities other than in the ordinary
                                         course of business consistent with past practice or as contemplated by Sierra&rsquo;s
                                         SEC reports;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sell,
                                         transfer, pledge, lease, license, mortgage, encumber or otherwise dispose of any material
                                         amount of its properties or assets (including pursuant to securitizations) to any person
                                         or entity other than a wholly-owned subsidiary or cancel, release or assign any material
                                         amount of indebtedness owed to or any claims held by any such person or entity, in each
                                         case other than pursuant to contracts in force at the date of the MCC Merger Agreement,
                                         except in furtherance of its investment objective as set forth in Sierra&rsquo;s SEC
                                         reports;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action, or knowingly fail to take any action, which action or failure to act is reasonably
                                         likely to prevent the MCC Merger from qualifying as a &ldquo;reorganization&rdquo; within
                                         the meaning of Section 368(a) of the Code;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                         into any agreement with respect to, or amend any agreements relating to, its capital
                                         stock or indebtedness;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">except
                                         as discussed above under &ldquo;&mdash;Sierra Charter and Bylaws,&rdquo; amend, repeal
                                         or otherwise modify any provision of the Sierra Charter, the Sierra Bylaws, the MCC Certificate
                                         or the MCC Bylaws in a manner that would adversely affect MCC, MCC Stockholders or the
                                         transactions contemplated by the MCC Merger Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                         into, renew, modify, amend or terminate, or waive, release, compromise or assign any
                                         rights or claims under, any material contract of Sierra (as defined in the MCC Merger
                                         Agreement) or any contract that, if existing as of the date of the MCC Merger Agreement,
                                         would be a material contract of Sierra, in each case other than (i) any termination or
                                         renewal in accordance with the terms of any existing material contract of Sierra that
                                         occurs automatically without any action (other than notice of renewal) by Sierra or any
                                         of its subsidiaries, (ii) the entry into any modification or amendment of, or waiver
                                         or consent under, any material contract of Sierra as required or necessitated to obtain
                                         any required approval in connection with the MCC Merger, or (iii) the termination of
                                         a material contract specifically contemplated by the MCC Merger Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">form
                                         any entity that would comprise a subsidiary or dissolve or liquidate any subsidiary,
                                         in each case, other than a wholly-owned subsidiary;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">materially
                                         amend any income tax return or any other material tax return;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">settle
                                         or compromise any material U.S. federal, state, local or foreign income tax liability,
                                         audit, claim or assessment;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                         into any material closing agreement related to taxes, except in each case unless required
                                         by tax law or necessary or appropriate to preserve the status of any subsidiary of Sierra
                                         as a disregarded entity or partnership for U.S. federal income tax purposes;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action, or permit the taking of any action, that will result in Sierra not having
                                         in cash or cash equivalents amounts sufficient to make payment of the cash portion of
                                         the MCC Merger Consideration due at the MCC Merger Closing;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                         into any contract involving or relating to, or otherwise approve, any liquidation, dissolution,
                                         merger, consolidation, restructuring, recapitalization, reorganization or similar transaction;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action or willfully fail to take any action that is intended or may reasonably be
                                         expected to result in any of the conditions to the MCC Merger Closing not being satisfied;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action that would be reasonably expected to prevent, materially impede or delay beyond
                                         the MCC Outside Date the consummation of the transactions contemplated by the MCC Merger
                                         Agreement; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">agree
                                         to take, or publicly announce an intention to take, any of the foregoing actions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>vii.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Transaction
                                         Expenses</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the MCC Merger Agreement, all fees and expenses incurred in connection with the MCC Merger, the MCC Merger Agreement, and the
transactions contemplated by the MCC Merger Agreement are to be paid by the party incurring such fees or expenses; provided,
that the costs and expenses of preparing, filing, printing and mailing the Sierra Joint Proxy Statement/Prospectus and MCC
Proxy Statement, all other filing fees and amounts paid to the SEC in connection with the MCC Merger, and the fees of any HSR
Act filing will be borne equally by MCC and Sierra.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>viii.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Conditions
                                         to the MCC Merger</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MCC
and Sierra will not be obligated to complete the MCC Merger unless a number of conditions are satisfied or waived, including,
among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         receipt of MCC Stockholder Approval;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         receipt of Sierra Stockholder Approval;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Registration Statement on Form N-14 shall have been declared effective by the SEC under
                                         the Securities Act and no stop order suspending the effectiveness of the Registration
                                         Statement on Form N-14 shall have been issued and no proceedings for that purpose shall
                                         have been initiated or threatened by the SEC;</FONT> </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         outstanding shares of Sierra Common Stock, the MCC Merger Shares and the shares of Sierra
                                         Common Stock to be issued in the MDLY Merger shall have been authorized for listing on
                                         the NYSE, subject to official notice of issuance;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Order shall have been granted and be in full force and effect as of the MCC Merger Closing
                                         Date;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MCC
                                         shall have obtained from the SBA such approvals as may be necessary for the debentures
                                         issued by the SBIC Subsidiary to remain outstanding in accordance with their terms following
                                         the MCC Merger Effective Time;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra
                                         shall have made or obtained such filings and approvals as are required to be made or
                                         obtained under the securities or &ldquo;blue sky&rdquo; laws of various states in connection
                                         with the issuance of the MCC Merger Shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
                                         order, injunction or decree issued by any court or agency of competent jurisdiction or
                                         other law preventing or making illegal the consummation of the MCC Merger or any of the
                                         other transactions contemplated by the MCC Merger Agreement shall be in effect;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         applicable waiting period (and any extension thereof) applicable to the MCC Merger under
                                         the HSR Act shall have expired or been terminated;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                         of the conditions to the MDLY Merger Closing (as defined below) shall have been satisfied
                                         or appropriately waived, and the MDLY Merger shall be consummated simultaneously with
                                         the MCC Merger;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra
                                         and MCC Advisors shall have executed and delivered the New Investment Advisory Agreement,
                                         to be effective as of the MCC Merger Effective Time, and such agreement shall have been
                                         approved by the Sierra Board and received requisite Sierra Stockholder Approval each
                                         in accordance with all applicable requirements of Section 15 of the 1940 Act;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MCC
                                         and MCC Advisors shall have executed a termination agreement terminating the MCC Investment
                                         Management Agreement between MCC and MCC Advisors, effective as of the MCC Merger Closing
                                         Date;</FONT> </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra
                                         and SIC Advisors shall have executed a termination agreement terminating the Sierra Investment
                                         Advisory Agreement, effective as of the MCC Merger Closing Date;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra
                                         or MCC, as the case may be, shall have obtained certain consents and approvals relating
                                         to their respective joint venture arrangements;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         connection with the MDLY Merger Agreement, MDLY shall have obtained written consents
                                         to the continuation, following the MDLY Merger Effective Time (as defined below), of
                                         the advisory relationship with private funds and managed accounts representing 65% of
                                         MDLY&rsquo;s total revenues from private funds and managed accounts for the 12-month
                                         period ended as of June 30, 2018;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the equity
                                         of Merger Sub, as the surviving company in the MDLY Merger, being treated as a portfolio
                                         investment of Sierra and reflected in Sierra&rsquo;s consolidated financial statements
                                         at fair value for accounting purposes, and that such surviving company&rsquo;s financial
                                         results will not be consolidated into the financial statements of Sierra;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
                                         shall be no pending suit, action or proceeding by any governmental entity, (i) challenging
                                         the MCC Merger, seeking to restrain or prohibit the consummation of the MCC Merger or
                                         any other transaction contemplated by the MCC Merger Agreement or seeking to obtain from
                                         MCC or Sierra any damages that are material in relation to MCC and its subsidiaries taken
                                         as a whole, or (ii) seeking to prohibit Sierra or any of its subsidiaries from effectively
                                         controlling in any material respect the business or operations of MCC and its subsidiaries;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         parties shall have received the written opinion of Eversheds Sutherland (US) LLP (or
                                         such other counsel as may be reasonably satisfactory to the parties), dated as of the
                                         MCC Merger Closing Date and in form and substance reasonably satisfactory to the parties,
                                         to the effect that, on the basis of facts, representations and assumptions set forth
                                         or referred to in such opinion, the MCC Merger will qualify as a reorganization within
                                         the meaning of Section 368(a) of the Code; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seth
                                         Taube shall have resigned from the Sierra Board.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ix.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Termination
                                         of the MCC Merger Agreement</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MCC Merger Agreement provides that it generally may be terminated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         the mutual written agreement of MCC and Sierra;</FONT></TD></TR>                                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         either MCC or Sierra, if any governmental entity whose consent or approval is a condition
                                         to the MCC Merger Closing has denied the granting of any such consent or approval and
                                         such denial has become final and nonappealable, or any governmental entity of competent
                                         jurisdiction has issued a final and nonappealable order, injunction or decree permanently
                                         enjoining or otherwise prohibiting or making illegal the consummation of the transactions
                                         contemplated by the MCC Merger Agreement;</FONT></TD></TR>                                                                                                   <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         either MCC or Sierra, if the MCC Merger will not have been consummated on or prior to
                                         the MCC Outside Date, unless the failure of the MCC Merger Closing to occur by such date
                                         will be due to the failure of the party seeking to terminate the MCC Merger Agreement
                                         to perform or observe the covenants and agreements of such party set forth in the MCC
                                         Merger Agreement; provided that the terminating party is not then in material breach
                                         of any representation, warranty, covenant or other agreement contained herein, and such
                                         breach has caused or resulted in the failure of the MCC Merger Closing to occur by or
                                         prior to the MCC Outside Date;</FONT></TD></TR>                                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         either Sierra or MCC, at any time prior to the MCC Merger Effective Time, in the event
                                         that (i) MCC or Sierra, as the case may be, has failed to obtain the MCC Stockholder
                                         Approval or the Sierra Stockholder Approval, as applicable, at the MCC Special Meeting
                                         or the Sierra Special Meeting, respectively, at which a vote is taken on the MCC Merger,
                                         or (ii) the MDLY Merger Agreement has been terminated;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         either MCC or Sierra (provided that the terminating party is not then in material breach
                                         of any representation, warranty, covenant or other agreement contained in the MCC Merger
                                         Agreement), if there has been a breach of any of the covenants or agreements or any of
                                         the representations or warranties set forth in the MCC Merger Agreement on the part of
                                         MCC, in the case of a termination by Sierra, or Sierra, in the case of a termination
                                         by MCC, which breach, either individually or in the aggregate, would result in, if occurring
                                         or continuing on the MCC Merger Closing Date, the failure of certain closing conditions
                                         set forth in the MCC Merger Agreement, as the case may be, and which is not cured within
                                         30 days following written notice to the party committing such breach or by its nature
                                         or timing cannot be cured within such time period;</FONT></TD></TR>                                                                                                            <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT> </TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         Sierra, (i) within 10 business days after the MCC Board has effected an MCC Adverse Recommendation
                                         Change prior to receipt of MCC Stockholder Approval, (ii) in the event the MCC Board
                                         has approved or authorized MCC or any of its subsidiaries to enter into a merger agreement,
                                         letter of intent, acquisition agreement, purchase agreement or other similar agreement
                                         with respect to an MCC Merger Competing Proposal or (iii) MCC fails to include the recommendation
                                         of the MCC Board in the Sierra Joint Proxy Statement/Prospectus; and</FONT> </TD></TR>                                                                                                                       <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         MCC, in the event that (i) (A) MCC has received an MCC Merger Superior Proposal, (B)
                                         subject to MCC&rsquo;s compliance with the MCC Merger Agreement as it relates to negotiating
                                         in good faith with Sierra regarding the potential amendment of the MCC Merger Agreement,
                                         MCC Board or any authorized committee thereof has authorized MCC to enter into a definitive
                                         agreement to consummate the transaction contemplated by such MCC Merger Superior Proposal,
                                         and (C) concurrently with the termination of the MCC Merger Agreement, MCC pays Sierra
                                         the termination fee under the MCC Merger Agreement and enters into the definitive agreement
                                         to consummate the transaction contemplated by such MCC Merger Superior Proposal; or (ii)
                                         the MCC Board or any authorized committee thereof has effected an MCC Adverse Recommendation
                                         Change in accordance with the applicable provisions of the MCC Merger Agreement;</FONT></TD></TR>                                                                                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT> </TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         MCC, (i) within 10 business days after the Sierra Board has effected a Sierra MCC Merger
                                         Adverse Recommendation Change prior to receipt of Sierra Stockholder Approval, (ii) in
                                         the event the Sierra Board has approved, or authorized Sierra or any of its subsidiaries
                                         to enter into, a merger agreement, letter of intent, acquisition agreement, purchase
                                         agreement or other similar agreement with respect to an MCC Merger Competing Proposal
                                         or (iii) Sierra fails to include the recommendation of the Sierra Board in the Sierra
                                         Joint Proxy Statement/Prospectus; and</FONT> </TD></TR>                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         Sierra, in the event that: (i) (A) Sierra has received an MCC Merger Superior Proposal,
                                         (B) subject to Sierra&rsquo;s compliance with its obligations under the MCC Merger Agreement
                                         as it relates to negotiating in good faith with MCC regarding the potential amendment
                                         of the MCC Merger Agreement, the Sierra Board or any authorized committee thereof has
                                         authorized Sierra to enter into a definitive agreement to consummate the transaction
                                         contemplated by such MCC Merger Superior Proposal, and (C) concurrently with the termination
                                         of the MCC Merger Agreement, Sierra pays MCC the termination fee under the MCC Merger
                                         Agreement and enters into the definitive agreement to consummate the transaction contemplated
                                         by such MCC Merger Superior Proposal; or (ii) the Sierra Board or any authorized committee
                                         thereof has effected a Sierra MCC Merger Adverse Recommendation Change in accordance
                                         with the applicable provisions of the MCC Merger Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_16"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>d.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>The
                                         MDLY Merger Agreement</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the MDLY Merger Agreement, subject to certain conditions described therein, at closing (the &ldquo;<B><I>MDLY Merger Closing</I></B>&rdquo;),
MDLY will merge with and into Merger Sub, and the separate corporate existence of MDLY will cease. Merger Sub will be the surviving
company in the MDLY Merger and will continue its existence as a corporation under the laws of the State of Delaware and a wholly-owned
subsidiary of Sierra. The MDLY Merger will become effective at the time (the &ldquo;<B><I>MDLY Merger Effective Time</I></B>&rdquo;)
set forth in a certificate of merger (the &ldquo;<B><I>MDLY Certificate of Merger</I></B>&rdquo;) to be filed with the Delaware
Secretary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>i.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Consideration</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the MDLY Merger, each share of MDLY Class A Common Stock issued and outstanding immediately prior to the MDLY Merger Effective
Time, other than Dissenting Shares (as defined and discussed below) and shares of MDLY Class A Common Stock held by MDLY, Sierra
or their respective wholly-owned subsidiaries (the &ldquo;<B><I>Excluded MDLY Shares</I></B>&rdquo;), will be converted into the
right to receive (i) 0.3836 shares of Sierra Common Stock (collectively, the &ldquo;<B><I>MDLY Merger Shares</I></B>&rdquo;);
provided that cash will be paid in lieu of fractional shares of Sierra Common Stock; plus (ii) cash in an amount equal to $3.44
per share; plus (iii) the First Special Dividend Shortfall Amount (as defined and discussed below), if any and if applicable;
plus (iv) the Second Special Dividend Shortfall Amount (as defined and discussed below), if any and if applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the MDLY Merger Agreement, (a) MDLY will cause Medley LLC to declare a dividend to all holders of Medley LLC Units, including
MDLY, in an amount equal to the lesser of (i) $0.35 per Medley LLC Unit, and (ii) the maximum dividend per Medley LLC Unit that
Medley LLC may make based on its available cash at the time of such declaration of such dividend, and (b) the MDLY Board will
declare a dividend to all holders of shares of MDLY Class A Common Stock in an amount per share equal to the lesser of (i) $0.35
per share of MDLY Class A Common Stock, and (ii) the maximum dividend per share of MDLY Class A Common Stock that MDLY may make
based on its available cash at the time of declaration of such dividend (collectively, the&nbsp;&ldquo;<B><I>First Special Dividend</I></B>&rdquo;)
with the amounts payable in respect of each Medley LLC Unit and each share of MDLY Class A Common Stock in all events being equal,
and (c) the MDLY Board will declare prior to the MDLY Merger Effective Time, and pay after the MDLY Merger Effective Time, a dividend
(the&nbsp;&ldquo;<B><I>Second Special Dividend</I></B>&rdquo;) in an amount equal to the lesser of (i) $0.30 per share of MDLY Class
A Common Stock and (ii) the maximum dividend per share of MDLY Class A Common Stock that MDLY may make based on its available
cash at the time of declaration of such dividend.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The record
date for determining the holders of Medley LLC Units or shares of MDLY Class A Common Stock entitled to payment of the First Special
Dividend will be the close of business on the second business day immediately preceding the MDLY Merger Closing Date (as defined
below) and the First Special Dividend will be paid (either by Medley LLC or MDLY, but without duplication as to the recipients
thereof) on the business day immediately prior to the MDLY Merger Closing Date. Holders of outstanding MDLY RSUs will receive
dividend equivalent rights with respect to the First Special Dividend in accordance with the terms of the MDLY Incentive Plan
and the related MDLY RSU award agreements. The record date for determining the holders of shares of MDLY Class A Common Stock
entitled to payment of the Second Special Dividend will be the close of business on the business day immediately preceding the
MDLY Merger Closing Date and the Second Special Dividend will be payable on the business day immediately following the MDLY Merger
Closing Date. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the First Special Dividend is less than $0.35 per share, the holders of Medley LLC Units and MDLY Class A Common Stock
issued and outstanding on the record date for the First Special Dividend and certain MDLY RSUs issued and outstanding on
the payment date for the First Special Dividend (and, in each case, who hold MDLY Class A Common Stock issued and outstanding
immediately preceding the MDLY Merger Effective Time) will, as part of the consideration to be paid in the MDLY Merger, be entitled
to a cash payment in an amount equal to the difference between $0.35 per share and the actual per-share amount of the First Special
Dividend (the&nbsp;&ldquo;<B><I>First Special Dividend Shortfall Amount</I></B>&rdquo;). In the event the Second Special Dividend
is less than $0.30 per share, the holders of MDLY Class A Common Stock issued and outstanding on the record date for the
Second Special Dividend (and who hold MDLY Class A Common Stock immediately preceding the MDLY Merger Effective Time) will, as
part of the consideration to be paid in the MDLY Merger, be entitled to a cash payment in an amount equal to the difference between
$0.30 per share and the actual per-share amount of the Second Special Dividend (the&nbsp;&ldquo;<B><I>Second Special Dividend
Shortfall Amount</I></B>&rdquo;). The shares of Sierra Common Stock to be issued in the MDLY Merger, together with the cash to
be paid in lieu of fractional shares, the cash payment per share of MDLY Class A Common Stock, the First Special Dividend Shortfall
Amount (if any) and the Second Special Dividend Shortfall Amount (if any) are referred to collectively as the&nbsp;&ldquo;<B><I>MDLY
Merger Consideration.</I></B>&rdquo;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net effect of the provisions in the MDLY Merger Agreement and related agreements relating to the First Special Dividend and the
Second Special Dividend is that holders of MDLY Class A Common Stock (as of the applicable record dates and with respect to such
shares issued and outstanding as of immediately prior to the MDLY Merger Effective Time) will receive $0.65 per share in cash
dividends (or additional merger consideration) and the holders of Medley LLC Units, Medley LLC Restricted Units (as defined below)
and MDLY RSUs will receive $0.35 per share (or equivalent) in cash dividends dividend equivalents, or additional merger consideration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also
in the MDLY Merger, each share of MDLY Class B Common Stock, other than Dissenting Shares, issued and outstanding immediately
prior to the MDLY Merger Effective Time will be cancelled and will cease to exist and no MDLY Merger Consideration or other amounts
or consideration will be delivered in exchange therefor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MDLY Merger Agreement provides that MDLY will take (and will cause Medley LLC to take) all steps necessary to cause all Medley
LLC Units held by members of Medley LLC, other than MDLY, issued and outstanding immediately prior to the MDLY Merger Effective
Time to be converted into shares of MDLY Class A Common Stock as of immediately prior to the MDLY Merger Effective Time, pursuant
to the Exchange Agreement. In addition, each restricted Medley LLC Unit outstanding and not previously forfeited (collectively,
the&nbsp;&ldquo;<B><I>Medley LLC Restricted Units</I></B>&rdquo;) will become fully vested, all restrictions with respect to such
Medley LLC Restricted Units will lapse and the resulting Medley LLC Units will be exchanged for MDLY Class A Common Stock in accordance
with the Exchange Agreement immediately prior to the MDLY Merger Effective Time. All MDLY Class A Common Stock resulting from
the exchange of Medley LLC Units (other than Medley LLC Units that immediately prior to the MDLY Merger Effective Time represented
Medley LLC Restricted Units) will participate in the MDLY Merger on the same terms applicable to all other shares of MDLY Class
A Common Stock, other than the right to receive the Second Special Dividend or the Second Special Dividend Shortfall.&nbsp; All
MDLY Class A Common Stock resulting from the exchange of Medley LLC Units that immediately prior to the MDLY Merger Effective
Time represented Medley LLC Restricted Units will participate in the MDLY Merger on the same terms applicable to all other shares
of MDLY Class A Common Stock, other than the right to receive the Second Special Dividend or the Second Special Dividend Shortfall.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also
as of the MDLY Merger Effective Time, each MDLY RSU outstanding and not previously forfeited under the MDLY Incentive Plan, other
than MDLY RSUs held by non-management directors of MDLY, will be converted into 0.8532 restricted stock units under the Sierra
Incentive Plan (&ldquo;<B><I>Sierra RSUs</I></B>&rdquo;). Each Sierra RSU (or portion thereof) into which a MDLY RSU will be converted
has identical terms as it relates to vesting and forfeiture. In addition, as of immediately prior to the MDLY Merger Effective
Time, the restrictions on each MDLY RSU outstanding and not previously forfeited under the MDLY Incentive Plan held by non-management
directors of MDLY will lapse and the relevant MDLY RSU will be converted into a share of MDLY Class A Common Stock that will participate
in the MDLY Merger on the same basis as the other individual holders of shares of MDLY Class A Common Stock other than the right
to receive the Second Special Dividend or the Second Special Dividend Shortfall.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ii.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Appraisal
                                         Rights</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MDLY Merger Agreement provides that Dissenting Shares will not be converted into or represent the right to receive the MDLY Merger
Consideration in accordance with the MDLY Merger Agreement, but will be entitled only to such rights as are granted by the DGCL
to a holder of Dissenting Shares (and at the MDLY Merger Effective Time, such Dissenting Shares shall no longer be outstanding
and will automatically be canceled and will cease to exist, and the holder will cease to have any rights with respect thereto,
except the rights set forth in Section 262 of the DGCL), unless and until such holder has failed to perfect or has effectively
withdrawn or otherwise lost the holder&rsquo;s right to appraisal under the DGCL. If any Dissenting Shares will lose their status
as such (by the holder thereof effectively withdrawing, failing to perfect, or otherwise losing appraisal rights under the DGCL
with respect to such shares), then, as of the later of the MDLY Merger Effective Time or the date of loss of such status, the
shares will thereupon be deemed to have been converted as of the MDLY Merger Effective Time into the right to receive the applicable
MDLY Merger Consideration in accordance with the MDLY Merger Agreement, without interest, and will not thereafter be deemed to
be Dissenting Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the MDLY Merger Agreement, &ldquo;<B><I>Dissenting Shares</I></B>&rdquo; are defined as shares of MDLY Common Stock issued and
outstanding immediately prior to the MDLY Merger Effective Time that are held by a holder who has not voted in favor of the MDLY
Merger or consented thereto in writing and properly demands appraisal rights of such shares pursuant to, and who is complying
in all respects with, the provisions of Section 262 of the DGCL (until such time as such holder effectively withdraws, fails to
perfect or otherwise loses the holder&rsquo;s appraisal rights under the DGCL with respect to such shares, at which time such
shares will cease to be Dissenting Shares).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MDLY Merger Agreement provides that MDLY must give Sierra notice of any MDLY Stockholder who has not voted in favor of the MDLY
Merger or consented thereto in writing and has properly demanded appraisal rights pursuant to, and who is complying in all respects
with, the provisions of Section 262 of the DGCL and Sierra has the right to participate in all negotiations and proceedings with
respect to any such demands. MDLY has agreed that it will not, except with the prior written consent of Sierra, voluntarily make
any payment with respect to, or settle or offer to settle, any such demand for payment. Sierra has agreed that it will contribute
or cause to be contributed to the Combined Company funds sufficient from time to time to make all payments with respect to the
Dissenting Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>iii.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Sierra
                                         Charter and Bylaws</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the MDLY Merger Agreement, the Sierra Board must review and approve the Amended and Restated Sierra Charter, which shall be
reasonably acceptable to the MDLY Board, including the MDLY Special Committee, in order to remove terms inconsistent with, and
to add terms advisable to reflect, the publicly traded nature of the Combined Company following the MDLY Merger Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Board will also review and approve the Amended and Restated Sierra Bylaws which shall be reasonably acceptable to the MDLY
Board, including the MDLY Special Committee, in order to remove terms inconsistent with, and to add terms advisable to reflect,
the publicly traded nature of the Combined Company following the MDLY Merger Effective Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>iv.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Officers
                                         and Directors of the Surviving Company</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the MDLY Merger Agreement, the officers and directors of Merger Sub immediately prior to the MDLY Merger Effective Time would
become the officers and directors of Merger Sub, as the surviving company in the MDLY Merger, from and after the MDLY Merger Effective
Time until their respective successors have been duly elected and qualified or until their respective earlier death, resignation
or removal in accordance with the certificate of incorporation of the surviving company and applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>v.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Closing
                                         of the MDLY Merger</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
an extension is otherwise mutually agreed upon by MDLY and Sierra, the MDLY Merger Closing will take place at 10:00 a.m. on a
date and at a place to be specified by the parties, which must be no later than five business days following the satisfaction
or waiver (subject to applicable law) of the latest to occur of the conditions to the MDLY Merger Closing (as set forth in the
MDLY Merger Agreement and as described in the section of the Sierra Joint Proxy Statement/Prospectus captioned &ldquo;The MDLY
Merger Agreement &mdash; Conditions to the MDLY Merger&rdquo;), other than conditions that by their terms are to be satisfied
at the MDLY Merger Closing and subject to the satisfaction or waiver of such conditions. The date on which the MDLY Merger Closing
actually occurs is referred to as the &ldquo;<B><I>MDLY Merger Closing Date</I></B>.&rdquo;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contemporaneously
with the MDLY Merger Closing, Sierra will file or cause to be filed the MDLY Certificate of Merger with the Delaware Secretary.
The MDLY Merger will become effective at the MDLY Merger Effective Time set forth in the Certificate of Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>vi.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Representations
                                         and Warranties</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MDLY Merger Agreement contains certain representations and warranties made by MDLY to Sierra including, but not limited to, representations
regarding:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporate
                                         organization, valid existence, good standing, qualification to do business and subsidiaries;</FONT></TD></TR>                                                                                                                                                      <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">capitalization,
                                         indebtedness and equity awards;</FONT></TD></TR>                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporate
                                         authority, validity of the MDLY Merger Agreement and unanimous board approval of the
                                         MDLY Merger;</FONT></TD></TR>                                                                      <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">absence
                                         of conflicts with or violation of, among other things, organizational documents or applicable
                                         laws;</FONT></TD></TR>                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">absence
                                         of third party and governmental consents and approvals;</FONT></TD></TR>                                                                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
                                         reports and regulatory matters;</FONT></TD></TR>                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
                                         statements;</FONT></TD></TR>                                                                     <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker&rsquo;s
                                         fees;</FONT></TD></TR>                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">absence
                                         of certain changes and events;</FONT></TD></TR>                                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal
                                         proceedings;</FONT></TD></TR>                                                                      <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxes,
                                         tax returns and tax protection agreements;</FONT></TD></TR>                                                                                                    <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">compliance
                                         with applicable law;</FONT></TD></TR>                                                                              <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">material
                                         contracts;</FONT></TD></TR>                                                                    <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">property;</FONT></TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">intellectual
                                         property;</FONT></TD></TR>                                                                   <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inapplicability
                                         of state takeover laws;</FONT></TD></TR>                                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         fairness opinion received by the MDLY Special Committee and the fairness opinion received
                                         by the MDLY Board;</FONT></TD></TR>                                                                            <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
                                         to be provided by MDLY or its representatives for inclusion in the Sierra Joint Proxy
                                         Statement/Prospectus and Schedule 13e-3;</FONT> </TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance;</FONT></TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">environmental
                                         matters;</FONT></TD></TR>                                                                  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">employee
                                         benefit plans and other employment matters;</FONT></TD></TR>                                                                                                     <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">related
                                         party transactions;</FONT></TD></TR>                                                                             <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">investment
                                         advisor matters; and</FONT></TD></TR>                                                                              <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealer
                                         matters.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MDLY Merger Agreement also contains certain representations and warranties made by Sierra to MDLY including, but not limited to,
representations regarding:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporate
                                         organization, valid existence, good standing, qualification to do business and subsidiaries;</FONT></TD></TR>                                                                                                                                                      <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">capitalization
                                         and indebtedness;</FONT></TD></TR>                                                                           <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">corporate
                                         authority, validity of the MDLY Merger Agreement and unanimous board approval of the
                                         MDLY Merger;</FONT></TD></TR>                                                                      <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">absence
                                         of conflicts with or violation of, among other things, organizational documents or applicable
                                         laws;</FONT></TD></TR>                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">third
                                         party and governmental consents and approvals;</FONT></TD></TR>                                                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reports
                                         and regulatory matters;</FONT></TD></TR>                                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
                                         statements;</FONT></TD></TR>                                                                     <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker&rsquo;s
                                         fees;</FONT></TD></TR>                                                               <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">absence
                                         of certain changes and events;</FONT></TD></TR>                                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal
                                         proceedings;</FONT></TD></TR>                                                                      <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxes
                                         and tax returns;</FONT></TD></TR>                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">compliance
                                         with applicable law;</FONT></TD></TR>                                                                              <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">material
                                         contracts;</FONT></TD></TR>                                                                    <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">matters
                                         relating to Sierra&rsquo;s investments and ownership thereof;</FONT></TD></TR>                                                                                                                       <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">property;</FONT></TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">intellectual
                                         property;</FONT></TD></TR>                                                                   <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inapplicability
                                         of state takeover laws;</FONT></TD></TR>                                                                                 <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         fairness opinion received by the Sierra Special Committee;</FONT></TD></TR>                                                                                                                    <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
                                         to be provided by Sierra or its representatives for inclusion in the Sierra Joint Proxy
                                         Statement/Prospectus;</FONT> </TD></TR>                                                                                                                                                                <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance;</FONT></TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">environmental
                                         matters;</FONT></TD></TR>                                                                  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
                                         financing condition; and</FONT></TD></TR>                                                                                  <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
                                         15(f) of the 1940 Act.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>vii.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Covenants
                                         Relating to the Conduct of the Business</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the MDLY Merger Agreement, Sierra and MDLY have agreed that, except as expressly contemplated or permitted by the MDLY Merger
Agreement or the MCC Merger Agreement or with the prior written consent of the other party, during the period from the date of
the MDLY Merger Agreement to the MDLY Merger Effective Time, (a) each of Sierra and MDLY will, and will cause each of its respective
subsidiaries to (i) conduct its business in the ordinary course in all material respects, as such business is being conducted
as of the date of the MDLY Merger Agreement, and (ii) use commercially reasonable efforts to maintain and preserve intact its
business organization and advantageous business relationships and retain the services of its key officers and key employees, and
(b) each of Sierra and MDLY will, and will cause each of its respective subsidiaries to, take no action that is intended to or
would reasonably be expected to adversely affect or materially delay the ability of Sierra or MDLY either to obtain any necessary
approvals of any self-regulatory organization or governmental entity required for the transactions contemplated by the MDLY Merger
Agreement or to perform its covenants and agreements under the MDLY Merger Agreement or to consummate the transactions contemplated
thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, MDLY has agreed, except as expressly contemplated or permitted by the MDLY Merger Agreement or as set forth in a schedule
to the MDLY Merger Agreement, without the written consent of Sierra (which may not be unreasonably withheld, conditioned or delayed),
to not, and to not permit its subsidiaries to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
                                         than borrowings under MDLY&rsquo;s existing credit facility with City National Bank,
                                         incur any indebtedness for borrowed money, assume, guarantee, endorse or otherwise as
                                         an accommodation become responsible for the obligations of any other individual, corporation
                                         or other entity, or, make any loan or advance or capital contribution to, or investment
                                         in, any person or entity;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adjust,
                                         split, combine or reclassify any of its capital stock;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make,
                                         declare or pay any dividend, other than (i) its regular quarterly dividend consistent
                                         with past practice of no more than $0.20 per share, and (ii) dividends paid by any of
                                         MDLY&rsquo;s subsidiaries (other than Medley LLC) to any of its wholly-owned subsidiaries;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make
                                         any other distribution on, or directly or indirectly redeem, purchase or otherwise acquire,
                                         any shares of its capital stock or other ownership interests or any securities or rights
                                         convertible (whether currently convertible or convertible only after the passage of time
                                         or the occurrence of certain events) into or exchangeable for any shares of its capital
                                         stock or other ownership interest;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">grant
                                         any stock options or restricted shares or restricted units or restricted stock units,
                                         or grant any person or entity any right to acquire any shares of its capital stock or
                                         other ownership interests or other securities or issue or sell any additional shares
                                         of capital stock or other ownership interests or securities or rights convertible (whether
                                         currently convertible or convertible only after the passage of time or the occurrence
                                         of certain events) into or exchangeable for any shares of its capital stock or other
                                         ownership interest (except as reasonably necessary to evidence the carried interest awards
                                         previously approved by the MDLY Board on May 10, 2018);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sell,
                                         transfer, pledge, lease, license, mortgage, encumber or otherwise dispose of any material
                                         amount of its properties or assets (including pursuant to securitizations) to any person
                                         or entity other than a wholly-owned subsidiary or cancel, release or assign any material
                                         amount of indebtedness owed to or any claims held by MDLY or any of its subsidiaries,
                                         in each case other than pursuant to contracts in force as of the date of the MDLY Merger
                                         Agreement and set forth in MDLY&rsquo;s disclosure schedule to the MDLY Merger Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action, or knowingly fail to take any action, which action or failure to act is reasonably
                                         likely to prevent the MDLY Merger from qualifying as a reorganization within the meaning
                                         of Section 368(a) of the Code or take any action, or knowingly fail to take any action,
                                         inconsistent with the treatment of the MDLY Merger as a reorganization for U.S. federal
                                         income tax purposes;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend
                                         the MDLY certificate of incorporation or the MDLY bylaws or the organizational documents
                                         of any subsidiary of MDLY, or take any action to exempt any person or entity (other than
                                         Sierra or its subsidiaries) or any action taken by any person or entity from any applicable
                                         takeover statute or similarly restrictive provisions of its organizational documents;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                         into, renew, modify, amend or terminate, or waive, release, compromise or assign any
                                         rights or claims under, any material contract (as defined in the MDLY Merger Agreement)
                                         of MDLY (or any contract that, if existing as of the date of the MDLY Merger Agreement,
                                         would be a material contract of MDLY), other than (i) any termination or renewal in accordance
                                         with the terms of any existing material contract that occurs automatically without any
                                         action (other than notice of renewal) by MDLY or any of its subsidiaries, (ii) the entry
                                         into any modification or amendment of, or waiver or consent under, any material contract
                                         as required or necessitated to obtain any required approval in connection with the MDLY
                                         Merger, (iii) the termination of a material contract of MDLY specifically contemplated
                                         by the MDLY Merger Agreement or (iv) amendments, waivers or consents to or under the
                                         existing debt documents of MDLY in the ordinary course of business consistent with past
                                         practice;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">form
                                         any entity that would comprise a subsidiary or dissolve or liquidate any subsidiary;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">except
                                         as required pursuant to the terms of a MDLY employee benefit plan in effect as of the
                                         date of the MDLY Merger Agreement, or as otherwise required by applicable law, (i) increase
                                         the rate of compensation or benefits payable to any partner, director, executive officer,
                                         employee or other service provider of MDLY or any of its subsidiaries (except, for employees
                                         who are not executive officers or partners, increases in annual salary or wage rate in
                                         the ordinary course of business consistent with past practice that do not exceed 10%
                                         in the aggregate), (ii) establish, adopt, materially amend or terminate any MDLY benefit
                                         plan or any plan, agreement or arrangement that would be a MDLY benefit plan if in effect
                                         on the date of the MDLY Merger Agreement, (iii) take any action to accelerate the vesting,
                                         accrual or payment of, or to fund or in any other way secure the payment, of compensation
                                         or benefits under any MDLY benefit plan, except as otherwise provided in the MDLY Merger
                                         Agreement, or (iv) hire any senior management employee or partner or terminate the employment
                                         or services of any senior management employee or partner other than for cause;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
                                         except for the Termination, Waiver and Lockup Agreement entered into by MDLY, Medley
                                         LLC, Medley Group LLC, the Medley LLC Unitholders and Sierra, enter into, amend or modify
                                         any MDLY &ldquo;tax protection agreement&rdquo; (as defined in the MDLY Merger Agreement),
                                         (ii) materially amend any income tax return or any other material tax return, (iii) settle
                                         or compromise any material U.S. federal, state, local or foreign income tax liability,
                                         audit, claim or assessment or (iv) enter into any material closing agreement related
                                         to taxes, except, in each case, unless required by applicable tax law or necessary or
                                         appropriate to preserve the status of any subsidiary of MDLY as a disregarded entity
                                         or partnership for U.S. federal income tax purposes;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acquire
                                         the assets, business, or properties of any non-affiliated entity, or make any loans,
                                         advances or capital contributions to, or investments in, any person or entity (other
                                         than any wholly-owned subsidiary of MDLY);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">allow
                                         the lapse or termination of policies of insurance covering material assets and businesses
                                         (other than the replacement of existing policies with substantially comparable policies);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action or willfully fail to take any action that is intended or may reasonably be
                                         expected to result in any of the conditions to the MDLY Merger not being satisfied;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">implement
                                         or adopt any change in its tax accounting or financial accounting principles, practices
                                         or methods, other than as may be required by applicable law, GAAP or regulatory guidelines;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action that would be reasonably expected to prevent, materially impede or delay beyond
                                         March 31, 2019 (the &ldquo;<B><I>MDLY Outside Date</I></B>&rdquo;) the consummation of
                                         the transactions contemplated by the MDLY Merger Agreement; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">agree
                                         to take, or publicly announce an intention to take, any of the foregoing actions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Sierra has agreed, except as expressly contemplated or permitted by the MDLY Merger Agreement or as set forth in a schedule
to the MDLY Merger Agreement, without the written consent of MDLY (which may not be unreasonably withheld, conditioned or delayed),
to not, and to not permit its subsidiaries to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adjust,
                                         split, combine or reclassify any of its capital stock;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make,
                                         declare or pay any dividend, other than (i) its regular quarterly dividend consistent
                                         with past practice, (ii) dividends paid by any of Sierra&rsquo;s subsidiaries to Sierra
                                         or to any of its wholly-owned subsidiaries and (iii) any dividend necessary to comply
                                         with Subchapter M of Chapter 1 of the Code;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make
                                         any other distribution on, or directly or indirectly redeem, purchase or otherwise acquire,
                                         any shares of its capital stock or other ownership interests or any securities or obligations
                                         other than in the ordinary course of business consistent with past practice or as required
                                         by the Sierra Charter or Sierra Bylaws or under Subchapter M of Chapter 1 of the Code;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">grant
                                         any stock options or restricted shares or restricted stock units, or grant any person
                                         or entity any right to acquire any shares of its capital stock, or other ownership interests
                                         or other securities or issue or sell any additional shares of capital stock or other
                                         ownership interests or securities or rights convertible (whether currently convertible
                                         or convertible only after the passage of time or the occurrence of certain events) into
                                         or exchangeable for any shares of its capital stock or other ownership interest, other
                                         than in the ordinary course of business consistent with past practice or as contemplated
                                         by Sierra&rsquo;s SEC reports;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue
                                         any additional shares of capital stock or other securities other than in the ordinary
                                         course of business consistent with past practice or as contemplated by Sierra&rsquo;s
                                         SEC reports;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sell,
                                         transfer, pledge, lease, license, mortgage, encumber or otherwise dispose of any material
                                         amount of its properties or assets (including pursuant to securitizations) to any person
                                         or entity other than a wholly-owned subsidiary or cancel, release or assign any material
                                         amount of indebtedness owed to or any claims held by any such person or entity, in each
                                         case other than pursuant to contracts in force at the date of the MDLY Merger Agreement,
                                         except in furtherance of its investment objective as set forth in Sierra&rsquo;s SEC
                                         reports;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action, or knowingly fail to take any action, which action or failure to act is reasonably
                                         likely to prevent the MDLY Merger from qualifying as a &ldquo;reorganization&rdquo; within
                                         the meaning of Section 368(a) of the Code;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">except
                                         as discussed above under &ldquo;The MDLY Merger Agreement&mdash;Sierra Charter and Bylaws,&rdquo;
                                         amend, repeal or otherwise modify any provision of the Sierra Charter, the Sierra Bylaws,
                                         or the certificate of incorporation or bylaws of Merger Sub in a manner that would adversely
                                         affect MDLY, the MDLY Stockholders or the transactions contemplated by the MDLY Merger
                                         Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action, or permit the taking of any action, that will result in Sierra not having
                                         in cash or cash equivalents amounts sufficient to make payment of the cash portion of
                                         the MDLY Merger Consideration due at the MDLY Merger Closing;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action or willfully fail to take any action that is intended or may reasonably be
                                         expected to result in any of the conditions to the MDLY Merger Closing not being satisfied;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">take
                                         any action that would be reasonably expected to prevent, materially impede or delay beyond
                                         the MDLY Outside Date (<I>i.e.</I>, March 31, 2019) the consummation of the transactions
                                         contemplated by the MDLY Merger Agreement; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">agree
                                         to take, or publicly announce an intention to take, any of the foregoing actions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>viii.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section
                                         15(f) of the 1940 Act</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MDLY Merger Agreement provides that, subject to applicable law and the fiduciary duties of the Sierra Board, Sierra will, to the
extent within its control, not take any action, or omit to take any action, that would have the effect of causing the requirements
of any of the provisions of Section 15(f) (which governs the receipt of a profit in connection with the sale of an investment
adviser to a registered investment fund) not to be met in respect of the transactions contemplated by the MDLY Merger Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ix.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Employment
                                         Matters</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the MDLY Merger Closing, MDLY will cause Medley Capital, LLC to enter into employment agreements, substantially in the form attached
to the MDLY Merger Agreement (the &ldquo;<B><I>MDLY Employment Agreements</I></B>&rdquo;), with certain individuals, as specified
in the MDLY Merger Agreement (the &ldquo;<B><I>MDLY Executives</I></B>&rdquo;). The identity of those individuals, and the related
terms of the employment agreements, are set forth in the Sierra Joint Proxy Statement/Prospectus. In addition, prior to the MDLY
Merger Closing, and subject to receipt of the applicable exemptive relief, the Sierra Board will adopt the Sierra Incentive Plan,
which will contain substantially the same terms as the MDLY Incentive Plan.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>x.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Transaction
                                         Expenses</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the MDLY Merger Agreement, all fees and expenses incurred in connection with the MDLY Merger, the MDLY Merger Agreement,
and the transactions contemplated by the MDLY Merger Agreement are to be paid by the party incurring such fees or
expenses, except that the costs and expenses of preparing, filing, printing and mailing the Sierra Joint Proxy
Statement/Prospectus and the MDLY Proxy Statement, all other filing fees and amounts paid to the SEC in connection with the
MDLY Merger, and the fees of any HSR Act filing will be borne equally by MDLY and Sierra.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>xi.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Conditions
                                         to the MDLY Merger</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MDLY
and Sierra will not be obligated to complete the MDLY Merger unless a number of conditions are satisfied or waived, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         receipt of MDLY Stockholder Approval;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         receipt of Sierra Stockholder Approval;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Registration Statement on Form N-14 shall have been declared effective by the SEC under
                                         the 1933 Act and a no stop order suspending the effectiveness of the Registration Statement
                                         on Form N-14 shall have been issued and no proceedings for that purpose shall have been
                                         initiated or threatened by the SEC;</FONT> </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         outstanding shares of Sierra Common Stock, the MDLY Merger Shares and the shares of Sierra
                                         Common Stock to be issued in the MCC Merger shall have been authorized for listing on
                                         the NYSE, subject to official notice of issuance;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Order shall have been granted and be in full force and effect as of the MDLY Merger Closing
                                         Date;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sierra
                                         shall have made or obtained such filings and approvals as are required to be made or
                                         obtained under the securities or &ldquo;blue sky&rdquo; laws of various states in connection
                                         with the issuance of the MDLY Merger Shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
                                         order, injunction or decree issued by any court or agency of competent jurisdiction or
                                         other law preventing or making illegal the consummation of the MDLY Merger or any of
                                         the other transactions contemplated by the MDLY Merger Agreement shall be in effect;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         applicable waiting period (and any extension thereof) applicable to the MDLY Merger under
                                         the HSR Act shall have expired or been terminated;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         issued and outstanding Medley LLC Units (including Medley LLC Restricted Units that have
                                         vested) other than Medley LLC Units held by MDLY, shall have been converted into MDLY
                                         Class A Common Stock in accordance with the Exchange Agreement on (and not sooner than)
                                         the MDLY Merger Closing Date;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Tax Receivable Termination Agreement, to be effective as of the MDLY Merger Effective
                                         Time, shall have been executed and delivered by all necessary parties;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                         of the conditions to the MCC Merger Closing shall have been satisfied or appropriately
                                         waived, and the MCC Merger shall be consummated simultaneously with the MDLY Merger;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MDLY
                                         shall have obtained written consents to the continuation, following the MDLY Merger Effective
                                         Time, of the advisory relationship with private funds and managed accounts representing
                                         65% of MDLY&rsquo;s total revenues from private funds and managed accounts for the 12-month
                                         period ended as of June 30, 2018;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the equity
                                         of Merger Sub, as the surviving company in the MDLY Merger, being treated as a portfolio
                                         investment of Sierra and reflected in Sierra&rsquo;s consolidated financial statements
                                         at fair value for accounting purposes, and that Merger Sub&rsquo;s financial results
                                         will not be consolidated into the financial statements of Sierra;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
                                         shall be no pending suit, action or proceeding by any governmental entity, (i) challenging
                                         the acquisition by Sierra of any MDLY Common Stock, seeking to restrain or prohibit the
                                         consummation of the MDLY Merger or any other transaction contemplated by the MDLY Merger
                                         Agreement or seeking to obtain from MDLY or Sierra any damages that are material in relation
                                         to MDLY and its subsidiaries taken as a whole, or (ii) seeking to prohibit Sierra or
                                         any of its subsidiaries from effectively controlling in any material respect the business
                                         or operations of MDLY and its subsidiaries; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: .5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         parties shall have received the written opinion of Eversheds Sutherland (US) LLP (or
                                         such other counsel as may be reasonably satisfactory to the parties), dated as of the
                                         MDLY Merger Closing Date and in form and substance reasonably satisfactory to the parties,
                                         to the effect that, on the basis of facts, representations and assumptions set forth
                                         or referred to in such opinion, the MDLY Merger will qualify as a reorganization within
                                         the meaning of Section 368(a) of the Code.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>xii.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Termination
                                         of the MDLY Merger Agreement</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MDLY Merger Agreement generally may be terminated, whether before or after the receipt of the MDLY Stockholder Approval or the
Sierra Stockholder Approval:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         the mutual written agreement of MDLY and Sierra;</FONT></TD></TR>                                                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         either MDLY or Sierra, if any governmental entity whose consent or approval is a condition
                                         to the MDLY Merger Closing has denied the granting of any such consent or approval and
                                         such denial has become final and nonappealable, or any governmental entity of competent
                                         jurisdiction has issued a final and nonappealable order, injunction or decree permanently
                                         enjoining or otherwise prohibiting or making illegal the consummation of the transactions
                                         contemplated by the MDLY Merger Agreement;</FONT></TD></TR>                                                                                                    <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         either MDLY or Sierra, if the MDLY Merger will not have been consummated on or prior
                                         to the MDLY Outside Date, unless the failure of the MDLY Merger Closing to occur by such
                                         date will be due to the failure of the party seeking to terminate the MDLY Merger Agreement
                                         to perform or observe the covenants and agreements of such party set forth in the MDLY
                                         Merger Agreement; provided that the terminating party is not then in material breach
                                         of any representation, warranty, covenant or other agreement contained herein, and such
                                         breach has caused or resulted in the failure of the MDLY Merger Closing to occur by or
                                         prior to the MDLY Outside Date;</FONT></TD></TR>                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         either Sierra or MDLY, at any time prior to the MDLY Merger Effective Time, in the event
                                         that (i) MDLY or Sierra, as the case may be, has failed to obtain the MDLY Stockholder
                                         Approval or the Sierra Stockholder Approval, as applicable, at the special meeting of
                                         MDLY Stockholders or the Sierra Special Meeting, respectively, at which a vote is taken
                                         on the MDLY Merger, or (ii) the MCC Merger Agreement has been terminated;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         either MDLY or Sierra (provided that the terminating party is not then in material breach
                                         of any representation, warranty, covenant or other agreement contained in the MDLY Merger
                                         Agreement), if there has been a breach of any of the covenants or agreements or any of
                                         the representations or warranties set forth in the MDLY Merger Agreement on the part
                                         of MDLY, in the case of a termination by Sierra, or Sierra, in the case of a termination
                                         by MDLY, which breach, either individually or in the aggregate, would result in, if occurring
                                         or continuing on the MDLY Merger Closing Date, the failure of certain closing conditions
                                         set forth in the MDLY Merger Agreement, as the case may be, and which is not cured within
                                         30 days following written notice to the party committing such breach or by its nature
                                         or timing cannot be cured within such time period;</FONT></TD></TR>                                                                                                            <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT> </TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         Sierra, (i) within 10 business days after the MDLY Board has effected a MDLY Adverse
                                         Recommendation Change prior to receipt of the MDLY Stockholder Approval, (ii) in the
                                         event the MDLY Board has approved or authorized MDLY or any of its subsidiaries to enter
                                         into a merger agreement, letter of intent, acquisition agreement, purchase agreement
                                         or other similar agreement with respect to a MDLY Merger Competing Proposal or (iii)
                                         MDLY fails to include the recommendation of the MDLY Board in the Sierra Joint Proxy
                                         Statement/Prospectus;</FONT> </TD></TR>                                                                                                                                                             <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         MDLY (at the direction of the MDLY Board or the MDLY Special Committee), in the event
                                         that (i) (A) MDLY has received a MDLY Merger Superior Proposal, (B) subject to MDLY&rsquo;s
                                         compliance with the MDLY Merger Agreement as it relates to negotiating in good faith
                                         with Sierra regarding the potential amendment of the MDLY Merger Agreement, the MDLY
                                         Board or any authorized committee thereof has authorized MDLY to enter into a definitive
                                         agreement to consummate the transaction contemplated by such MDLY Merger Superior Proposal,
                                         and (C) concurrently with the termination of the MDLY Merger Agreement, MDLY pays Sierra
                                         the termination fee under the MDLY Merger Agreement and enters into the definitive agreement
                                         to consummate the transaction contemplated by such MDLY Merger Superior Proposal; or
                                         (ii) the MDLY Board (whether at the direction of the MDLY Special Committee or otherwise)
                                         has effected a MDLY Adverse Recommendation Change in accordance with the applicable provisions
                                         of the MDLY Merger Agreement;</FONT></TD></TR>                                                                                       <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT> </TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         MDLY, (i) within 10 business days after the Sierra Board has effected a Sierra MDLY Merger
                                         Adverse Recommendation Change prior to receipt of Sierra Stockholder Approval, (ii) in
                                         the event the Sierra Board has approved, or authorized Sierra or any of its subsidiaries
                                         to enter into, a merger agreement, letter of intent, acquisition agreement, purchase
                                         agreement or other similar agreement with respect to a MDLY Merger Competing Proposal
                                         or (iii) Sierra fails to include the recommendation of the Sierra Board in the Sierra
                                         Joint Proxy Statement/Prospectus; and</FONT> </TD></TR>                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: .25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         Sierra (at the direction of the Sierra Board or the Sierra Special Committee), in the
                                         event that: (i) (A) Sierra has received a MDLY Merger Superior Proposal, (B) subject
                                         to Sierra&rsquo;s compliance with its obligations under the MDLY Merger Agreement as
                                         it relates to negotiating in good faith with MDLY regarding the potential amendment of
                                         the MDLY Merger Agreement, the Sierra Board or any authorized committee thereof has authorized
                                         Sierra to enter into a definitive agreement to consummate the transaction contemplated
                                         by such MDLY Merger Superior Proposal, and (C) concurrently with the termination of the
                                         MDLY Merger Agreement, Sierra pays MDLY the termination fee under the MDLY Merger Agreement
                                         and enters into the definitive agreement to consummate the transaction contemplated by
                                         such MDLY Merger Superior Proposal; or (ii) the Sierra Board or any authorized committee
                                         thereof has effected a Sierra MDLY Merger Adverse Recommendation Change in accordance
                                         with the applicable provisions of the MDLY Merger Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><A NAME="a_17"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Additional Regulatory Approvals and Filings</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_19"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SBA</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the relief sought in this Application, the MCC Merger is conditioned on MCC obtaining from the SBA such approvals
as may be necessary for the debentures issued by the SBIC Subsidiary to remain outstanding in accordance with their terms following
the MCC Merger Effective Time. The SBIC Subsidiary is seeking SBA approval related to the Mergers. Both of the Sierra Board and
the MCC Board expect that the approval requested will be granted. However, there can be no assurance that the SBA will allow the
debentures issued by the SBIC Subsidiary to remain outstanding in accordance with their terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_20"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>HSR
                                         Act</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
HSR Act provides that parties must not complete certain mergers, acquisitions or transfers of assets until they have made a detailed
filing with the FTC and the DOJ and waited for those agencies to determine that the transaction will not adversely affect U.S.
commerce under the antitrust laws. Each of Sierra, MCC, and MDLY have agreed to file with the FTC and the DOJ, if and to the extent
required, a notification and report form relating to the MCC Merger Agreement and the MDLY Merger Agreement, as applicable, and
the transactions contemplated thereby as required by the HSR Act, and to take all other actions reasonably necessary to cause
the expiration or termination of any applicable waiting period under the HSR Act applicable to the MCC Merger and the MDLY Merger
as soon as practicable. At any time before consummation of the Mergers, the FTC or the DOJ could take such action under the antitrust
laws as it deems necessary or desirable in the public interest, including seeking to enjoin consummation of the Mergers. Individual
states or private parties also may bring actions under the antitrust laws in certain circumstances. There can be no assurance
that a challenge to the Mergers on antitrust grounds will not be made or, if a challenge is made, that it will not be successful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><A NAME="a_21"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Background of the Mergers</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Since
Medley Advisors&rsquo; inception in 2006, Management operated Medley Advisors&rsquo; asset management business with a focus
on d</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">irect origination, careful
structuring and active monitoring of loan portfolios.&nbsp;<FONT STYLE="background-color: white">Medley
Advisors&rsquo;</FONT>&nbsp;investment vehicles have generally focused on private middle market companies in the United
States that have revenues between $50 million and $1 billion. MCC completed its initial public offering in January 2011. MCC
was the first publicly traded BDC to which&nbsp;<FONT STYLE="background-color: white">Medley Advisors&nbsp;</FONT>provided
asset management services. In April of 2012,&nbsp;<FONT STYLE="background-color: white">Medley Advisors</FONT>&nbsp;launched
Sierra, its first public non-traded BDC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Medley
Advisors&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">believed at the outset that
to make the Advisory Clients more competitive in the middle-market lending space they should pool their resources in order to
have the benefits of scale and greater access to capital that borrowers demanded. In that regard, in November 2013, Medley Advisors
and certain Advisory Clients obtained an order from the SEC that expanded Medley Advisors&rsquo; ability to engage in transactions
that would otherwise be prohibited by Section 57(a)(4) under the 1940 Act and Rule 17d-1 thereunder among the BDCs and other funds
managed by Medley Advisors. Since that time,&nbsp;<FONT STYLE="background-color: white">competition for private debt investment
opportunities in the lower middle market has significantly intensified and&nbsp;</FONT>Medley Advisors believes that&nbsp;<FONT STYLE="background-color: white">the
need for scale in the asset management business has become even more important. As a result of the Proposed Business Combination,
the assets under management of the Combined Company will increase, which will offer the potential for scale for investment and
financing flexibility.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2017, MDLY embarked on a process to consider a range of strategic transactions to help Medley Advisors achieve a level
of scale that it believed would make it more competitive in the asset management business. In that regard, with a larger
asset management platform, Medley Advisors expected that it would have stronger deal origination capabilities, operational
efficiencies, greater scale for investment and financing options, improved access to capital for their prospective borrowers,
greater access to financial sponsors, and substantial and higher quality deal flow. For all of the foregoing reasons, Medley
Advisors believed that achieving greater scale would also benefit each of Sierra and MCC and their respective stockholders.
On May 25, 2017, at the invitation of Management as representatives of MDLY, representatives of Goldman Sachs &amp; Co. LLC
(&ldquo;<B><I>Goldman Sachs</I></B>&rdquo;) met with Management to discuss possible strategic partnerships for MDLY based on
public information. MDLY retained the services of UBS and Credit Suisse for the purpose of conducting a limited outreach to
potential parties that might have been interested in proposing a strategic transaction with MDLY and Medley Advisors. As a
result of the outreach, 19 parties expressed interest in pursuing an acquisition of MDLY and Medley Advisors. Following some
preliminary discussions, seven of the 19 parties executed confidentiality agreements with MDLY and received certain
information about MDLY&rsquo;s and Medley Advisors&rsquo; business. In July 2017, two of the interested parties submitted
non-binding bids to acquire MDLY and Medley Advisors. One of the interested parties proposed an acquisition of MDLY and
Medley Advisors for cash, at a purchase price of $8.74 per share; the other proposed a combination in exchange for
consideration of $50 million in cash and stock of the combined entity, at  an aggregate purchase price of $8.05 - $8.53  per
share and, subsequently, a combination in exchange for consideration of $50 million in cash and stock of the combined entity,
at  an aggregate purchase price of $8.50 - $9.00 per share. However, neither bid progressed beyond the initial indication
of interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the conclusion of the process described above, in the fall of 2017, MDLY concluded that a strategic transaction would be more
likely to succeed with a refined search focused on potential partners that shared certain qualities. In that regard, in October
2017 MDLY retained the services of Goldman Sachs and Broadhaven Capital Partners (&ldquo;<B><I>Broadhaven</I></B>&rdquo;) to reach
out to a select group of potential partners that met the following criteria: (1) asset management firms that could serve as consolidators
and recognize meaningful value creation through the addition of Medley Advisors and the Advisory Clients; (2) partners that could
offer MDLY and Medley Advisors the potential to combine businesses and/or create a new business line in the context of a strategic
transaction; or (3) private equity firms for which Medley Advisors would be an alternative asset management platform with the
ability to add additional businesses and products over time to broaden the platform and capitalize on strong alternative industry
growth trends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon the foregoing guidelines, at the direction of MDLY, representatives of Goldman Sachs and Broadhaven started the process by
inviting 38 potential strategic partners or buyers of Medley Advisors&rsquo; asset management business to participate in the preliminary
round of a two-round sale process. Of the 38 invitees, 24 of them executed confidentiality agreements and received information
on Medley Advisors and the Advisory Clients. Seven of these 24 were provided access to Management and engaged in discussions with
Management on Medley Advisors&rsquo; operations. Six of the potential buyers then participated in the second round of the sale
process, which included substantive meetings with Management and the undertaking of a thorough diligence review of Medley Advisors
and its Advisory Clients.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to protect the information of MDLY and its affiliates, and to ensure the integrity of the strategic review process, all
potential bidders entered into confidentiality agreements with MDLY in connection with its exploration of strategic alternatives,
under which potential bidders agreed, among other things, to keep the information they received confidential and to abide by customary
&ldquo;standstill&rdquo; provisions relating to MDLY, its subsidiaries, Sierra and MCC. Under those standstill provisions, potential
bidders agreed, except as requested or consented to by MDLY, not to take certain actions regarding strategic transactions or management
or control of MDLY, its subsidiaries, Sierra or MCC and, subject to an exception to permit confidential requests for waivers following
the public announcement of an acquisition transaction, not to request waivers of those standstill provisions, in each case during
the relevant standstill period. Because the standstill period applicable to a counterparty is a function of the date on which
the relevant confidentiality agreement was entered into, as of the date of this Application, the standstill provisions in 23 of
the 31 confidentiality agreements have expired, and an additional 2 will expire prior to the scheduled date of the Special Meetings.
In addition, even where standstill provisions remain in effect, all counterparties subject to such standstill provisions are permitted
to confidentially seek a waiver of the standstill provisions in order to privately submit a MDLY Merger Competing Proposal with
respect to MDLY, its subsidiaries, Sierra and/or MCC.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period from November 2017 through the first week of December 2017, representatives of Goldman Sachs and Broadhaven received
indications of interest from eight potential partners. Of the eight indications of interest, six were strategic buyers looking
to grow their existing asset management business and two were private equity funds. Following extensive discussions with each
of the eight potential partners, MDLY selected the three most viable indications of interest (the &ldquo;<B><I>Viable Expressions
of Interest</I></B>&rdquo;), and requested such interested parties to submit a mark-up of the draft merger agreement that was
provided by MDLY no later than January 5, 2018 and to submit a final bid by January 10, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 3, 2018, Goldman Sachs provided relationship disclosure to MDLY that indicated, among other things, that during the prior
two-year period the Investment Banking Division of Goldman Sachs did not perform any financial advisory and/or underwriting services
for the three interested parties, MCC, Sierra, or any of their respective affiliates for which Goldman Sachs recognized compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with MDLY&rsquo;s proposal instructions, on January 10, 2018, one of the three interested parties
(&ldquo;<B><I>Party X</I></B>&rdquo;) submitted a non-binding bid letter (the &ldquo;<B><I>Initial Party X
Proposal</I></B>&rdquo;) and comments on the proposed merger agreement. However, the Initial Party X Proposal indicated Party
X&rsquo;s preference for an asset purchase transaction rather than a merger. </FONT>Moreover, negotiations with Party X did
not result in an actionable transaction, and a number of issues remained unresolved when negotiations terminated. As a
result, because each of Party X&rsquo;s proposals submitted were non-binding, included various conditions and carve-outs, and
involved different forms of consideration (some of which was contingent), both Management and the MDLY Board believe it is
impracticable and speculative to assign any actionable or tangible value to the Party X proposals described below. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Initial Party X Proposal included a non-binding proposal </FONT>expressing a preference <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
purchase substantially all the assets of MDLY&rsquo;s business (rather than a merger) for an equity value per share </FONT>(taking
into account cash and cash equivalents of MDLY that would not be purchased) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">representing
a premium over the trading price of MDLY Class A Common Stock as of the date of the Initial Party X Proposal. The Initial
Party X Proposal contemplated a purchase price of $244 million at $7.98 per share, and an enterprise value of $300 million,
payable through a combination of $138.3 million in cash (an unspecified portion of which would be borrowed), $60.7 million of
assumed cash and cash equivalents from MDLY&rsquo;s balance sheet, and $50 million of seller financing on terms to be
determined, in the form of a note to be issued to holders of Medley LLC Units. While Party X indicated that the Initial Party
X Proposal represented a per share price of $7.98 per share, the Initial Party X proposal indicated that an unspecified
portion of that amount was contingent and payable over time on terms that had not been proposed. Specifically, the proposal
indicated that an unspecified amount of the cash proceeds would be placed in escrow, and the amounts in escrow, together with
an unspecified amount under the note, would be subject to offset for indemnification. Based on the terms of the Initial Party
X Proposal, MDLY and its advisors began negotiating terms with Party X. From January 12, 2018 through January 24, 2018, MDLY
and Party X engaged in further negotiations, which resulted in the exchange of numerous proposals and
counter-proposals.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon these discussions, on January 26, 2018, Management held meetings with the MCC Board and the Sierra Board to provide them
with an update on the potential transaction with Party X.&nbsp; Each of the MCC Board and Sierra Board established the MCC Special
Committee and the Sierra Special Committee, respectively, and authorized the committees to evaluate the merits of a potential
sale of substantially all of Medley Advisors&rsquo; assets to Party X, which, in turn, would have constituted the assignment of
Sierra&rsquo;s and MCC&rsquo;s respective advisory contracts with Medley Advisors.&nbsp; On February 7, 2018, the MDLY Board established
the MDLY Special Committee and authorized it to, among other things, evaluate the merits of the potential sale of MDLY to Party
X.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 9, 2018, Party X updated the Initial Party X Proposal (the &ldquo;<B><I>Second Party X Proposal</I></B>&rdquo;) to slightly
increase the proposed purchase price and to clarify other terms, including the identity of the purchaser (a newly formed shell
corporation), the assets and liabilities to be acquired (or not acquired) and other related matters. The Second Party X Proposal
contemplated a purchase price of $313 million, payable through a combination of $151.3 million in cash (a portion of which would
be borrowed), $45 million in a promissory note issued to MDLY, and the assumption of MDLY&rsquo;s existing senior secured indebtedness,
but excluded certain assets (estimated by Party X to equal approximately $47.7 million) from the transaction. Also on
February 9, 2018, MDLY and Party X entered into an exclusivity agreement regarding the proposed transaction described above through
March 15, 2018.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negotiations
regarding the economic terms of the transaction and the related approval of a new investment advisor to Sierra as a result of
the contemplated assignment of Sierra&rsquo;s and MCC&rsquo;s respective advisory contracts with Medley Advisors continued over
the following weeks.&nbsp; From February 22, 2018 through March 5, 2018, counsel to the parties exchanged drafts of transaction
documents and negotiations continued.&nbsp; On March 15, 2018, Party X submitted a revised proposal (the &ldquo;<B><I>Third Party
X Proposal</I></B>&rdquo;) that reduced the purchase price significantly and made other material changes to the Second Party X
Proposal. The Third Party X Proposal contemplated a purchase price of $290 million, payable through a combination of $128.3 million
in cash (a portion of which would be borrowed), $45.3 million in the form of a promissory note issued to MDLY, and the assumption
of MDLY&rsquo;s existing senior secured indebtedness. Based on the changed economic terms, as well as the other terms of the Third Party X Proposal,
MDLY determined that the Third Party X Proposal was not in the best interests of MDLY or Medley Advisors.&nbsp; On that basis,
MDLY terminated discussions with Party X.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2018, MDLY reengaged in discussions with two of the other bidders that had previously submitted indications of interest.
In each case, those discussions did not lead to a further proposal or other indication of interest to MDLY. Also in April 2018,
Party X reinitiated contact with MDLY and, on April 19, 2018, updated the Third Party X Proposal (the &ldquo;<B><I>Fourth Party
X Proposal</I></B>&rdquo;) and subsequently provided an updated draft of an asset purchase agreement that reflected the Fourth
Party X Proposal. The Fourth Party X Proposal contemplated a purchase price that would be payable through a combination of $151.3
million in cash (a portion of which would be borrowed) and $30 million in a promissory note issued to MDLY, plus the acquisition
of the net working capital of Medley LLC at $0.90 per $1.00 of net working capital. Although the Fourth Party X Proposal reflected
a slight increase in the cash portion of the purchase price to be paid and agreement on several other outstanding points, the
Fourth Party X Proposal also included a number of changes that materially changed the transaction, including a decrease in the
amount of the note to be delivered by Party X; a discount on the amount to be paid for the working capital delivered by MDLY to
Party X; a downward purchase price adjustment tied to failure to obtain consents of certain advisory clients; and a downward purchase
price adjustment tied to the performance of certain assets.&nbsp; In addition, the Fourth Party X Proposal reflected a shell purchaser
with no parent or affiliate guaranteeing the obligations of the buyer and a closing condition tied to Party X&rsquo;s ability
to obtaining the needed financing, with MDLY&rsquo;s sole recourse being the right to receive a reverse termination fee from Party
X in the event Party X could not obtain financing.&nbsp; Between April 23, 2018 and May 2, 2018, MDLY and Party X engaged in negotiations
regarding the Fourth Party X Proposal, exchanged drafts of transaction documentation, and participated in a series of due diligence
meetings.&nbsp; However, prior to reaching final agreement on transaction terms and holding meetings with the MCC Special Committee
and Sierra Special Committee to provide a transaction update and to introduce Party X to the MCC and Sierra independent directors,
Party X informed MDLY that it was withdrawing the Fourth Party X Proposal and that it did not intend to continue to pursue a potential
transaction.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shortly
after MDLY and Party X terminated their discussions, a limited number of parties made inquiries to MDLY regarding a possible transaction.
Specifically, four parties entered into confidentiality agreements, but only one of the four followed up with a preliminary indication
of interest. In addition, two parties that did not sign confidentiality agreements made unsolicited inquiries to MDLY, and one
of the two submitted an unsolicited indication of interest. Management assessed each of the foregoing inquiries and advised the
MDLY Board that, based upon the rudimentary nature of the submissions that were actually presented to MDLY, the fact that any
financial terms included in such submissions did not provide compelling value to MDLY and its stockholders, and the fact that
the other inquiries did not materialize into further discussions, they did not believe that any of the parties had presented a
viable indication of interest that was worth pursuing. The MDLY Board agreed with Management&rsquo;s assessment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"></TD>
    <TD STYLE="width: 0.5in"><A NAME="a_22"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Management&rsquo;s Conflicts of Interest
    and Role in the Mergers</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
measures were implemented to address actual and potential conflicts of interests in light of the fact that each of the Mergers
is cross conditioned on the simultaneous closing of the other, resulting in a required agreement among three affiliated, yet separate
and distinct public entities, as well as the Medley LLC Unitholders (each of whom is a member of Management). These actual or
potential conflicts of interests include the fact that: Medley Advisors has fiduciary duties to each of Sierra, MCC, MDLY and
their respective stockholders; certain members of Management control Medley Advisors, are executive officers of Sierra, MCC and
MDLY, and control Medley Group LLC, which in turn controls MDLY; certain members of Management have, individual interests in the
Medley LLC Units and shares of MCC Common Stock, voting power over approximately 14% of the outstanding shares of MCC Common Stock
held by Medley Seed Funding I LLC, contractual rights under the Tax Receivable Agreement, and individual interests relating to
the terms of their respective individual future employment with the Combined Company. Specifically, Brook Taube and Seth Taube
each currently hold controlling voting interests in Medley Advisors, and, if the Mergers are consummated, will serve as the Chairman
of the Combined Company Board and Chief Executive Officer and Chief Investment Officer of the Combined Company in the case of
Brook Taube, and the Vice Chairman, Senior Executive Vice President and Senior Managing Director of the Combined Company in the
case of Seth Taube. Other members of Management, who currently serve as executive officers and/or senior personnel of Medley Advisors,
Sierra, MCC and MDLY, will also serve as executive officers of the Combined Company if the Mergers are consummated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to mitigate these and other conflicts (as described herein), the boards of directors of each of Sierra, MCC and MDLY expanded
the authority of the previously formed special committees, each of which was comprised solely of independent and disinterested
directors, to, among other things, negotiate and evaluate the Proposed Business Combination.&nbsp;Each of the Sierra Special Committee,
MCC Special Committee and MDLY Special Committee had the authority to, among other things: (i) evaluate and review the terms and
conditions of the Proposed Business Combination or any alternative thereto; (ii) communicate and negotiate (or direct the communication
or negotiation) with respect to the terms and conditions of the Proposed Business Combination or any alternative thereto; (iii)
determine whether the Proposed Business Combination or any alternative thereto is advisable and is fair to, and in the best interests
of the applicable company and its stockholders; (iv) recommend to their respective board of directors the rejection or approval
and effectuation of the Proposed Business Combination or any alternative thereto; (v) consider, evaluate, review and monitor all
proceedings and activities of the applicable company related to the Proposed Business Combination or any alternative thereto;
(vi) consider, evaluate and recommend to their respective board of directors the approval and adoption of the forms, terms and
provisions of any agreements relating to the Proposed Business Combination or any alternative thereto; (vii) consider, evaluate,
and recommend to their respective board of directors the authorization of the execution and delivery of any such agreements relating
to the Proposed Business Combination or any alternative thereto; and (viii) hire any advisors that they deemed appropriate, including
their own independent legal counsel and independent financial advisor.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
broad authority enabled&nbsp;each of the respective boards to consult with and rely on the advice of experts who, like the independent
directors themselves, were determined to be independent of the other parties to the transaction and could provide advice and guidance
solely for the purpose of serving the best interests of the respective stockholders of each entity. In addition, each of the Sierra
Board, MCC Board and MDLY Board conditioned its ability to recommend the Proposed Business Combination, or any alternative thereto,
to their respective stockholders or otherwise approve or authorize such transaction, on the prior favorable recommendation of
such transaction by its special committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Throughout
the process of negotiating the terms of the Mergers, Management generally served in the following capacities.&nbsp; Management
proposed an initial framework around which the Sierra Special Committee, MCC Special Committee and MDLY Special Committee could
begin discussions and facilitated negotiations among the parties. Management participated in meetings with each special committee
and its advisors. Each special committee held meetings at which both its advisors and Management were present and meetings at
which only the special committee&rsquo;s advisors were present. Members of Management represented their individual interests as
holders of the Medley LLC Units and shares of MCC (as described more fully in this Application) in negotiating the resulting benefits
they would receive from any consideration paid to MCC and MDLY by Sierra. Members of Management also represented their individual
interests in negotiating their employment contracts with the Combined Company.&nbsp; In this regard, Management negotiated their
employment contracts and related compensation from the Combined Company with the Sierra Special Committee, as Sierra will be the
surviving entity. Management retained separate legal counsel to negotiate their employment contracts with the Sierra Special Committee&rsquo;s
independent legal counsel and the Sierra Special Committee retained an independent compensation consultant to provide advice concerning
executive compensation in connection with the transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><A NAME="a_23"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The Considerations of Sierra, MCC, and
    MDLY</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is a summary of the process undertaken by each of the Sierra Special Committee, MCC Special Committee and MDLY Special
Committee, and an analysis of the various factors that formed the basis of each committee&rsquo;s decision to recommend the approval
of the Mergers to their respective board of directors. Any description of Management&rsquo;s actions in each such section should
be understood in the context of the foregoing depiction of Management&rsquo;s role throughout the process of considering the Proposed
Business Combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_24"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Sierra</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
a special meeting on June 18, 2018, the Sierra Board considered the potential three-way combination of Sierra, MCC and MDLY (the
&ldquo;<B><I>Proposed Business Combination</I></B>&rdquo;), the rationale for the Proposed Business Combination, and the initial
terms of a potential framework around which the Proposed Business Combination could be effected. Pursuant to the initial framework,
MCC would merger with and into Sierra, and Sierra would acquire MDLY through a merger of MDLY with and into a wholly-owned subsidiary
of Sierra. The proposed MCC Merger would take the form of a stock-for-stock merger in which MCC Stockholders would receive Sierra
Common Stock in exchange for their existing shares of MCC Common Stock using a proposed exchange ratio of 0.76 shares of Sierra
Common Stock for each share of MCC Common Stock. The proposed cash consideration in regard to the proposed MDLY Merger was, among
other things, intended to address the tax liability that would be incurred by the holders of Medley LLC Units as a result of the
closing of the MDLY Merger. It was noted that under a certain Tax Receivable Agreement, dated as of September 23, 2014, among
MDLY and the Medley LLC Unitholders (other than MDLY) (the &ldquo;<B><I>Tax Receivable Agreement</I></B>&rdquo;) the value of
certain future tax benefits was allocated 85% to the holders of Medley LLC Units and 15% to the holders of the shares of MDLY
Class A Common Stock (the &ldquo;<B><I>MDLY Public Stockholders</I></B>&rdquo;) and that following the Proposed Business Combination
the Combined Company would receive the benefit that previously was allocated to the MDLY Public Stockholders. The Sierra Board
also discussed with Management next steps and a tentative timeline for evaluating and voting on the Proposed Business Combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the Sierra Board meeting on June 18, 2018, the Sierra Special Committee met with representatives of Broadhaven to discuss
the possibility of the Sierra Special Committee engaging Broadhaven to act as an independent financial advisor to the Sierra
Special Committee. The Sierra Special Committee reviewed materials that had been provided by Broadhaven in advance of the
meeting. The materials included (1) an overview of Broadhaven, (2) a description of the fiduciary process to be undertaken by
the Sierra Special Committee, (3) a description of the benefits and issues to consider with respect to various strategic
alternatives, (4) a description of selected prior transactions in which Broadhaven had served as an advisor, and (5)
financial advisor fee precedents for comparable types of transactions. Broadhaven, among other things, presented its
qualifications, discussed the manner in which it would analyze the framework for the Proposed Business Combination, and
discussed work it and members of the proposed engagement team had performed for MDLY in the past. Broadhaven representatives
also discussed with the Sierra Special Committee that Broadhaven previously had been engaged by MDLY on October 11, 2017 to
advise MDLY in connection with a potential strategic transaction and that the engagement had been terminated on June 15,
2018. The Broadhaven representatives noted that Broadhaven had received no fees from MDLY in connection with that engagement and that Broadhaven had waived the &ldquo;tail&rdquo; provisions,
which would have provided for a payment to Broadhaven if MDLY had completed a transaction during a specified period following
the termination of Broadhaven&rsquo;s engagement, arising
from that engagement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 22, 2018, the Sierra Special Committee held a telephonic meeting with representatives of Sullivan &amp; Worcester LLP (&ldquo;<B><I>S&amp;W</I></B>&rdquo;),
counsel retained by the Sierra Special Committee. During that meeting the Sierra Special Committee discussed whether to engage
Broadhaven as its independent financial advisor and, if selected, the terms of the engagement. The Sierra Special Committee also
discussed the possible composition of the Combined Company Board following the closing of the Proposed Business Combination. In
addition, the Sierra Special Committee discussed the formal continuation of the Sierra Special Committee and the compensation
to be paid to the Chair and members of the Sierra Special Committee. Finally, the Sierra Special Committee discussed next steps
in terms of engaging Broadhaven and formalizing the Committee&rsquo;s role in evaluating the Proposed Business Combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 2, 2018, the Sierra Special Committee met in person with representatives of S&amp;W. In response to inquiries from the Sierra
Special Committee, the S&amp;W representatives reviewed with the Sierra Special Committee S&amp;W&rsquo;s evaluation of the prior
engagement of Broadhaven by MDLY. The S&amp;W representatives noted the following: (1) Broadhaven had terminated the prior engagement
with MDLY and had waived the &ldquo;tail&rdquo; provisions arising from that engagement, and (2) Broadhaven had received no fees
in connection with the prior engagement with MDLY. Following discussion with the S&amp;W representatives, the Sierra Special Committee
determined that Broadhaven&rsquo;s prior engagement by MDLY would not adversely affect Broadhaven&rsquo;s ability to render independent
advice to the Sierra Special Committee concerning the proposed Mergers and engaged Broadhaven to serve as the Committee&rsquo;s
independent financial advisor. At the meeting, the Sierra Special Committee also confirmed the continued engagement of S&amp;W
as independent legal counsel to the Sierra Special Committee in connection with the Proposed Business Combination. Following the
decision to retain Broadhaven, representatives of Broadhaven joined the meeting. S&amp;W representatives discussed the Sierra
Special Committee members&rsquo; duties and responsibilities in evaluating the Proposed Business Combination, while Broadhaven
representatives presented a preliminary work plan and timeline and identified certain aspects of the Proposed Business Combination
that Broadhaven intended to closely examine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
following the meeting among the Sierra Special Committee and representatives of Broadhaven and S&amp;W, the Sierra Board held
an in-person meeting. During that meeting, and after discussion, the Sierra Board, among other things: (1) ratified the establishment
of the Sierra Special Committee and all actions taken by the Sierra Special Committee to date, (2) authorized the Sierra Special
Committee to evaluate and review the terms of the Proposed Business Combination, (3) authorized the Sierra Special Committee to
make a recommendation to the Sierra Board regarding the Proposed Business Combination, (4) authorized the Sierra Special Committee
to make a recommendation to the Sierra Board regarding any agreements relating to the Proposed Business Combination, (5) approved
the compensation of the Chair and members of the Sierra Special Committee and the reimbursement of any out-of-pocket expenses,
and (6) authorized the Sierra Special Committee to select and retain consultants and agents, including independent financial and
legal advisors, to assist the Sierra Special Committee in evaluating the Proposed Business Combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the meeting of the Sierra Board, the Sierra Special Committee reconvened. The members of the Sierra Special Committee were joined
by representatives of Broadhaven, Management, Eversheds Sutherland US (LLP) (&ldquo;<B><I>Eversheds Sutherland</I></B>&rdquo;),
which acted as regular outside counsel for Sierra, MCC and MDLY on common issues, and S&amp;W. Representatives of Eversheds Sutherland
discussed their communications to date with the staff of the SEC&rsquo;s Division of Investment Management (the &ldquo;<B><I>Staff</I></B>&rdquo;)
concerning the Proposed Business Combination. Eversheds Sutherland explained that the SEC would need to issue an exemptive order
in connection with the Proposed Business Combination. In addition, Eversheds Sutherland discussed the need for exemptive relief
from the SEC to allow the Combined Company to own shares of a registered investment adviser in excess of the limits set forth
in rules adopted under the 1940 Act. Representatives of Eversheds Sutherland also discussed certain tax consequences of the proposed
MDLY Merger, including tax implications under the Tax Receivable Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee then discussed with Management a proposal to have Merger Sub enter into employment agreements with five
members of Management that would become effective upon the closing of the Proposed Business Combination. Management said it would
provide the Sierra Special Committee with the proposed executive compensation packages for each of the five members of Merger
Sub&rsquo;s management with a form of employment agreement to follow.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee next discussed the Proposed Business Combination with Broadhaven, S&amp;W and Management, in its capacity
as a facilitator of discussions between the Sierra Special Committee, MCC Special Committee, and MDLY Special Committee. Management
discussed, among other things: (1) MDLY&rsquo;s current advisory business and projected growth of that business in the coming
years, (2) MCC&rsquo;s non-accrual assets, and (3) the status of the SBIC Subsidiary. Management responded to questions from the
Sierra Special Committee, Broadhaven and S&amp;W.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
their presentation, the representatives of Management and Eversheds Sutherland were excused from the meeting and the Sierra Special
Committee met with representatives of Broadhaven and S&amp;W. The Sierra Special Committee, Broadhaven and S&amp;W discussed,
among other things: (1) the timing and scope of the due diligence that would be conducted, (2) the legal and regulatory aspects
of the Proposed Business Combination, (3) the role of each of Broadhaven and S&amp;W and the work to be conducted by each of them,
(4) the role of the Sierra Special Committee in the analysis and in any negotiation of the Proposed Business Combination, and
(5) the timing and scope of future meetings of the Sierra Special Committee. Representatives of S&amp;W reported on the status
of their due diligence review of materials posted to the electronic data room.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 15, 2018, the Sierra Special Committee held a telephonic meeting with representatives of Broadhaven and S&amp;W. During that
meeting representatives of Broadhaven reviewed in detail a report on their analysis of the Proposed Business Combination, which
had been provided to the Sierra Special Committee in advance of the meeting. Broadhaven representatives began by reporting that
they had substantially completed their financial due diligence, which included, among other things, evaluation of (1) the overall
structure of the Proposed Business Combination, (2) the financial outlook of each of Sierra, MCC and MDLY, (3) the legal, tax
and regulatory components of the Proposed Business Combination, and (4) Management&rsquo;s analysis of the potential benefits
of the Proposed Business Combination to Sierra Stockholders. Broadhaven representatives then discussed their preliminary report,
which included (1) a stand-alone valuation analysis for each of Sierra, MCC and MDLY, (2) a pro forma analysis of the Combined
Company, (3) potential modifications to the proposed structure of the Combined Company, and (4) a preliminary framework for future
negotiations with MDLY and MCC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee reviewed with representatives of Broadhaven and S&amp;W the rationale for the Proposed Business Combination.
These included (1) providing liquidity to Sierra Stockholders, (2) the potential for realizing meaningful accretion to NII, NAV
and return on equity (&ldquo;<B><I>ROE</I></B>&rdquo;), (3) the internalization of management, (4) greater diversification and
scale benefits arising from consolidation of assets under management, (5) potential cost savings, (6) potential benefits from
growth in the institutional asset management business, and (7) the alignment of the interests of Management and the Combined Company
Stockholders.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee next reviewed with representatives of Broadhaven and S&amp;W the benefits and issues with a variety of
strategic alternatives, including (1) maintenance of the status quo, (2) listing Sierra Common Stock on a national securities
exchange, (3) entering into a transaction with an independent third party, (4) entering into the MDLY Merger only, and (5) entering
into the MCC Merger only. The Sierra Special Committee directed the representatives of Broadhaven and S&amp;W to continue their
work on the Proposed Business Combination as they evaluated these alternatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee discussed with representatives of Broadhaven the stand-alone valuations of each of Sierra and MCC. Broadhaven
representatives noted that Sierra and MCC were similar in important ways, including that that there was an approximately 50% overlap
in their investment portfolios as of March 31, 2018. Broadhaven representatives also observed that while non-accrual assets represented
a larger percentage of MCC&rsquo;s investment portfolio, Sierra held some of the same non-accrual assets in its investment portfolio.
The percentage of non-accrual assets in a portfolio is important for measuring the credit performance of a fund and assessing
credit risk, including the risk of future write-downs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadhaven
representatives then provided to the Sierra Special Committee a summary of Sierra&rsquo;s and MCC&rsquo;s estimated financial
results through June 30, 2018 as well as forecasts for each of Sierra and MCC through the end of 2019, all of which had been prepared
by Management. Broadhaven representatives noted that the forecasts did not account for any prospective credit losses because,
according to Management, it was difficult to predict future credit losses. Broadhaven representatives indicated that MCC&rsquo;s
credit performance was at or near the bottom of publicly traded BDCs and that its GAAP ROE had been negative over certain periods.
Broadhaven representatives reviewed the market price of MCC Common Stock since MCC&rsquo;s initial public offering as well as
the market discount to NAV over that same period of time, noting that the market price had steadily declined and the market discount
had increased over time. Broadhaven representatives then discussed MCC&rsquo;s trading metrics compared to those of other publicly
traded BDCs, including both internally managed and externally managed BDCs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to provide the Sierra Special Committee with comparative benchmarks, Broadhaven representatives next discussed the performance
of two BDCs non-listed that were subsequently listed on a national securities exchange. They explained that these two BDCs were
important precedents because their initial capital was raised in a similar fashion to Sierra&rsquo;s and they were each successful
in their public listings on a standalone basis. Broadhaven representatives also discussed the performance of certain BDCs and
how MCC compared to these other BDCs from a trading perspective. Broadhaven representatives noted that the average and median
of the purchase price relative to the NAV for the comparable BDCs was 75% and 80%, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the request of the Sierra Special Committee, Broadhaven representatives reviewed the non-accrual assets held by each of Sierra
and MCC. Broadhaven representatives noted that as of the end of the second quarter of 2018, non-accrual assets accounted for approximately
4.1% of the fair market value of Sierra&rsquo;s investment portfolio and approximately 8.4% of the fair market value of MCC&rsquo;s
investment portfolio. Broadhaven representatives next discussed the overlap in Sierra&rsquo;s and MCC&rsquo;s investment portfolios.
Broadhaven representatives then reviewed their analysis of Sierra at various discounts to NAV. Broadhaven representatives noted
that, based on various metrics for publicly traded BDCs, including ROE, non-accrual assets as a percentage of investment portfolio,
dividend yield, price/book value, and price/earnings, they believed that Sierra Common Stock, if listed on a standalone basis,
would likely trade at a significant discount to NAV. Broadhaven representatives then discussed a potential exchange ratio of 0.76
that was an element of the initial framework analyzing the Proposed Business Combination both assuming Sierra Common Stock were
to trade at its current NAV, and then at various discounts to NAV. Based on the estimated range of values for the Sierra Common
Stock, Broadhaven representatives calculated the resulting implied prices that would be paid to MCC Common Stockholders and compared
such prices to the NAV of MCC and the current market price for MCC Common Stock. Broadhaven representatives discussed the proposed
exchange ratio in view of the anticipated contribution of Sierra and MCC to the Combined Company in terms of revenue, NII and
net earnings. Finally, Broadhaven representatives noted that the proposed exchange ratio between Sierra and MCC was within a range
that likely represented economic reality and that the relationship between Sierra and MCC as reflected by the proposed exchange
ratio was appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee next discussed the valuation of MDLY with the Broadhaven representatives. Broadhaven representatives
provided a summary of MDLY&rsquo;s estimated financial results through June 30, 2018 as well as forecasts for MDLY through the
end of 2019, both of which had been prepared by Management. Broadhaven representatives reviewed the market price of MDLY Class
A Common Stock since MDLY&rsquo;s initial public offering as well as the market price relative to earnings per share. Broadhaven
representatives then discussed MDLY&rsquo;s trading metrics compared to those of publicly traded traditional asset managers and
alternative asset managers. Broadhaven representatives then reviewed certain transactions involving BDC managers and how MDLY
compared to these other BDC managers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadhaven
representatives next reviewed with the Sierra Special Committee the discounted cash flow analysis for MDLY Common Stock, which
was based upon forecasts prepared by Management. Broadhaven representatives indicated that a 12% to 14% discount appeared to be
reasonable and that using a discount rate in this range would result in an implied share price of $5.98 at the low end and $14.13
at the high end.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Next,
the Sierra Special Committee discussed the proposed structure of the Combined Company with representatives of Broadhaven and S&amp;W.
Broadhaven representatives reviewed the benefits of having an asset management company as a portfolio company, including the benefits
to the capital structure of the Combined Company. Broadhaven representatives also discussed the impact of the Combined Company
maintaining a management agreement with its wholly owned investment advisor. Broadhaven representatives explained that the revenue
paid by the Combined Company to its wholly owned investment advisor would result in taxable income for the advisor, but the tax
shield created by the Tax Receivable Agreement could be utilized to offset a portion of the investment advisor&rsquo;s taxable
income. Broadhaven representatives then reviewed their estimate of the value of the Tax Receivable Agreement and various alternatives
for renegotiating the Tax Receivable Agreement, including modifying the allocation of tax benefits between Medley LLC Unitholders
and the Combined Company.</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadhaven
representatives then reviewed with the Sierra Special Committee the terms of the Proposed Business Combination, noting that their
summary reflected the framework discussed at the June 18, 2018 Sierra Board meeting. Broadhaven representatives also reviewed
their analysis of the anticipated contribution of Sierra, MDLY and MCC to the Combined Company in terms of revenue, NII and net
earnings.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee next reviewed the expected benefits of the Proposed Business Combination with representatives of Broadhaven
and S&amp;W. These included (1) providing liquidity to Sierra Stockholders, (2) the potential for realizing meaningful accretion
to NII, NAV and ROE, (3) the internalization of management, (4) greater diversification and scale benefits arising from consolidation
of assets under management, (5) potential cost savings, (6) potential benefits from growth in the institutional asset management
business, and (7) the alignment of the interests of Management and the Combined Company Stockholders. The Sierra Special Committee
also discussed with representatives of Broadhaven and S&amp;W the actual or potential disadvantages of the Proposed Business Combination,
which included merging with two companies that had identifiable weaknesses. With respect to MCC, these weaknesses included a significant
level of non-accrual assets and the fact that its shares traded at a significant discount to NAV. With respect to MDLY, these
weaknesses included a reduction in fee-earning assets under management and in net income from the prior year. Finally, Broadhaven
representatives set out a number of negotiating topics for the Sierra Special Committee to consider. These topics included the
exchange ratio for each of MDLY Common Stock and MCC Common Stock, the treatment of the Tax Receivable Agreement, the mix of cash
and stock for MDLY Common Stock, and the composition of the Combined Company Board and its management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 8pt; text-align: justify; text-indent: 0.5in">Taking into
account the expected benefits of the Proposed Business Combination, the Sierra Special Committee determined that pursuing the
Proposed Business Combination would be likely to provide greater benefits to Sierra Stockholders than the possible alternatives.
Specifically:&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: justify"></TD><TD STYLE="width: 0.5in; text-align: justify">(1)</TD><TD STYLE="text-align: justify">Maintaining
                                         the status quo would mean that Sierra Stockholders would continue to have limited liquidity
                                         and suboptimal scale and would not provide for internalization of management or alignment
                                         of the interests of Management and the Combined Company Stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92.25pt; text-indent: -53.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: justify"></TD><TD STYLE="width: 0.5in; text-align: justify"> (2) </TD><TD STYLE="text-align: justify"> Listing
                                         Sierra Common Stock on a stock exchange would provide increased liquidity for Sierra
                                         Stockholders, but the shares would likely trade at a significant discount to NAV, and
                                         Sierra would not realize the benefits of increased diversification and scale, internalization
                                         of management, ownership of an institutional asset management business, or alignment
                                         of the interests of Management and the Combined Company Stockholders. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92.25pt; text-indent: -53.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: justify"></TD><TD STYLE="width: 0.5in; text-align: justify"> (3) </TD><TD STYLE="text-align: justify"> Pursuing
                                         a merger with a third party or a sale of substantially all of Sierra&rsquo;s assets was
                                         unlikely to be successful because, notwithstanding that the strategic review process
                                         conducted by MDLY and its financial advisors during the period from May 2017 through
                                         the spring of 2018 only contemplated potential bids for strategic transactions with MDLY,
                                         it was reasonable to expect that, if any of the parties to the strategic review process
                                         had an interest in a merger or buying some or all of the assets of Sierra, they would
                                         have expressed it or sought a waiver from MDLY to pursue such a merger or purchase. None
                                         of the prospective bidders did so. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92.25pt; text-indent: -53.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: justify"></TD><TD STYLE="width: 0.5in; text-align: justify">(4)</TD><TD STYLE="text-align: justify">A
                                         combination with MDLY alone would provide the benefits of internalization of management
                                         and ownership of an institutional asset management business but would not provide greater
                                         diversification and scale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92.25pt; text-indent: -53.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; text-align: justify"></TD><TD STYLE="width: 0.5in; text-align: justify">(5)</TD><TD STYLE="text-align: justify">A
                                         combination with MCC alone would provide improved liquidity and greater diversification
                                         and scale, but would not provide the benefits of internalization of management, ownership
                                         of an institutional asset management business, or alignment of the interests of Management
                                         and the Combined Company Stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 8pt; text-indent: 36pt; text-align: justify">The Sierra Special
Committee accordingly determined that it was in the best interests of Sierra and Sierra Stockholders to pursue the Proposed Business
Combination, subject to negotiation of terms that would be fair and reasonable to Sierra and Sierra Stockholders.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 8pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 18, 2018, the Sierra Special Committee held an in-person meeting with representatives of Broadhaven and S&amp;W. Broadhaven
representatives provided an update on the status of the MCC Special Committee and the MDLY Special Committee based on their conversations
with Management and representatives of Goldman Sachs. Broadhaven also discussed supplemental materials that had been provided
by Management prior to the meeting. The materials included an updated framework, dated July 12, 2018, that reflected estimated
June 30, 2018 financial results but generally held other assumptions constant with the framework discussed at the June 18, 2018
meeting of the Sierra Board. The July 12, 2018 framework reflected a proposed exchange ratio of 0.72 shares of Sierra Common Stock
for each share of MCC Common Stock and consideration to MDLY Stockholders of $3.75 in cash and 0.43 shares of Sierra Common Stock
for each share of MDLY Class A Common Stock. The Sierra Special Committee discussed with the representatives of S&amp;W and Broadhaven
the proposed executive compensation and expressed its desire to engage a consultant to advise the Sierra Special Committee on
the reasonableness of the proposed executive compensation. After discussion, and on the basis of a recommendation from the Broadhaven
representatives, the Sierra Special Committee determined to explore the possibility of engaging Johnson &amp; Associates to assist
the Committee in evaluating the reasonableness of the proposed executive compensation. The Sierra Special Committee also discussed
the composition of the Combined Company Board and asked the S&amp;W representatives to provide a variety of information about
the board composition of other BDCs.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of the Sierra Special Committee indicated that they were in favor of proceeding with the negotiation of the terms for
the Proposed Business Combination. There was then a discussion of the various alternatives concerning the Tax Receivable Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee also indicated that they wanted Management to provide more detailed information about the estimated cost
savings to be achieved as a result of the Proposed Business Combination. Broadhaven representatives recommended a negotiating
position that addressed, among other things, the price offered for MDLY, and the mix of stock and cash be paid to MDLY Stockholders
in each case as compared to that contemplated in the initial framework. In addition, Broadhaven representatives recommended that
the Tax Receivable Agreement be tied to actual tax savings and that the allocation of the benefits under the Tax Receivable Agreement
between Medley LLC Unitholders and the Combined Company be changed for the benefit of Sierra Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Sierra Special Committee&rsquo;s request, a representative of Goldman Sachs and Mr. Brook Taube joined the meeting. The representative
of Goldman Sachs discussed with the Sierra Special Committee his conversations with representatives of the other special committees&rsquo;
financial advisors concerning the feedback from the MDLY Special Committee and MCC Special Committee. The representative of Goldman
Sachs indicated that it was his understanding that the MCC Special Committee was focused on the following issues: (1) the exchange
ratio for the MCC Merger, (2) the MDLY Merger Consideration proposed to be paid to MDLY Stockholders, (3) the possibility of obtaining
cash considerations for MCC Stockholders as part of the MCC Merger, (4) the proposed executive compensation, and (5) the allocation
of the benefits of the Tax Receivable Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee instructed the representatives of Broadhaven to propose the following terms to the representatives of
Goldman Sachs and Brook Taube, and asked that they communicate them to the MCC Special Committee and MDLY Special Committee that:
(1) the nominal value of the consideration to be paid to MDLY Stockholders be in the range of $5 to $6 per share (valuing the
shares of Sierra Common Stock at their NAV as of March 31, 2018), (2) the cash component paid to MDLY Stockholders represent 50%
of the total consideration, and (3) the benefits of the Tax Receivable Agreement be split evenly between the Medley LLC Unitholders
and the Combined Company and its stockholders. The Broadhaven representatives also indicated that the Sierra Special Committee
believed the exchange ratio of 0.72, as proposed under the updated proposal, for the MCC Merger was within the appropriate range.
Mr. Taube informed the Sierra Special Committee and its advisors that the MDLY Special Committee wanted the total MDLY Merger
Consideration paid to MDLY Stockholders to be the equivalent of $7.75 per share (valuing the shares of Sierra Common Stock at
their NAV as of March 31, 2018). In order to bridge the difference in price and for other reasons, the Broadhaven representatives
suggested that MDLY could consider making a special dividend to MDLY Stockholders. The Goldman Sachs representative and Mr. Taube
said they would communicate the proposed terms to the MCC Special Committee and MDLY Special Committee and then they left the
meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Next,
the Sierra Special Committee discussed the current terms of the Proposed Business Combination and compared them to the terms that
had been proposed by Party X before Party X withdrew its proposal to acquire MDLY. The Party X proposal, which was at a higher
valuation than that being offered by the Sierra Special Committee to MDLY shareholders, was being used in negotiations by the
MDLY Special Committee to achieve a higher price than Sierra had proposed. </FONT>The Party X proposal was relevant because it
reflected the culmination of substantial diligence and negotiation with a credible, independent asset management company to acquire
MDLY. &nbsp;However, the value of the Party X proposal in comparison with the Proposed Business Combination was limited because
the proposal was ultimately withdrawn and was structured as an asset purchase with much of the consideration being held back for
payment overtime. The Sierra Special Committee considered the potential benefits from internalization of management and the Tax
Receivable Agreement that were absent from the third-party offers considered in the past. The Sierra Special Committee noted that
its current proposal contemplated the benefits of the Tax Receivable Agreement being shared evenly between Medley LLC Unitholders
and the Combined Company and its stockholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 19, 2018, the Sierra Special Committee held a telephonic meeting with representatives of Broadhaven and S&amp;W. During that
meeting, after consulting with the Broadhaven representatives, the Sierra Special Committee determined that, in response to the
MDLY Special Committee&rsquo;s proposal from the previous day, the Sierra Special Committee would propose a purchase price of
$6.00 per share (valuing the shares of Sierra Stock at their NAV as of March 31, 2018) plus a $0.25 per share dividend to be paid
by MDLY to MDLY Stockholders immediately prior to the Mergers and allocating the benefits of the Tax Receivable Agreement 55%/45%
between Medley LLC Unitholders and the Combined Company. After further review and discussion, the Sierra Special Committee decided
to propose the top end of their range of $5.00 to $6.00 per share, plus a $0.25 dividend, in the context of negotiations and in
response to the MDLY Special Committee&rsquo;s assertion that $7.75 per share was the right purchase price. At the instruction
of the Sierra Special Committee, representatives of Broadhaven presented such terms to Brook Taube and asked that he communicate
the same to the MDLY Special Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later
on July 19, 2018, the Sierra Special Committee held a telephonic meeting with representatives of S&amp;W. During that meeting,
the Sierra Special Committee discussed the Board composition of the Combined Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 22, 2018, the Sierra Special Committee held a telephonic meeting with representatives of S&amp;W. The S&amp;W representatives
provided an update to the Sierra Special Committee on their understanding of the current status of the negotiations with the MCC
Special Committee and MDLY Special Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 23, 2018, the Sierra Special Committee held a telephonic meeting with representatives of Broadhaven and S&amp;W. During that
meeting, the Broadhaven representatives indicated that they were reviewing an updated framework that had been transmitted by Management
earlier in the day and would not be able to react to it before the next day. The July 23, 2018 framework reflected a proposed
exchange ratio of 0.82 shares of Sierra Common Stock for each share of MCC Common Stock and consideration to MDLY Stockholders
of $3.94 in cash, including a $0.50 special cash dividend, and 0.39 shares of Sierra Common Stock for each share of MDLY Class
A Common Stock. The Broadhaven representatives then provided an update to the Sierra Special Committee on their understanding
of the negotiations with the MCC Special Committee and MDLY Special Committee. The Sierra Special Committee then discussed the
composition of the Combined Company Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 24, 2018, the Sierra Special Committee held a telephonic meeting with representatives of Broadhaven and S&amp;W. During that
meeting, the Broadhaven representatives indicated that they had conversations with representatives of Management. Representatives
of Goldman Sachs participated in these discussions at the direction of MDLY. Management indicated that the MCC Special Committee
and the MDLY Special Committee, as applicable, considered the following terms: (1) a nominal price of $6.75 per share for MDLY,
which includes a $0.50 per share dividend to be paid by MDLY to MDLY Stockholders immediately before the Mergers, (2) an exchange
ratio of 0.820 for the MCC Merger, and (3) allocating the benefits of the Tax Receivable Agreement evenly between the Medley LLC
Unitholders and the Combined Company and its stockholders. The Broadhaven representatives noted that Management believes the cost
savings from the Proposed Business Combination will be approximately $7 million annually and will document this savings, though
such savings were likely to be offset by the market levels of compensation being considered for Management. The Broadhaven representatives
also discussed Management&rsquo;s 2018 financial projections for MDLY. </FONT>It was noted that, following the completion of the
Mergers, Management expects that the Combined Company will achieve certain cost savings and synergies when the investment portfolios
of Sierra and MCC are integrated and when the businesses and administrative operations of Sierra, MCC, and MDLY are integrated.
Such cost savings and synergies include the benefit of reduced expenses due to the elimination of duplicative expenses of approximately
$3.5 million consisting of professional fees associated with audit, tax, valuation and legal services, transfer agent fees, board
of director fees, director and officer insurance, administrator expenses, and other public company expenses.&nbsp; In addition
to the elimination of the identifiable duplicative expenses, Management believes that, once the Mergers are completed and the
Combined Company is fully integrated, operational synergies can develop over time across the broader organization, which is reasonably
likely to result in further cost savings. The Broadhaven representatives said that the MDLY Special Committee appeared to be focused
on the price previously offered by Party X. The Broadhaven representatives discussed with the Sierra Special Committee why the
price previously offered to MDLY by Party X no longer reflected, in their view, a fair price for MDLY. The Broadhaven representatives
noted that the MCC Special Committee should be willing to consider an exchange ratio of less than 0.820. The Sierra Special Committee
then discussed the Board composition of the Combined Company. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 25, 2018, the Sierra Special Committee held a telephonic meeting with representatives of Broadhaven and S&amp;W. During that
meeting, the Broadhaven representatives discussed the prior withdrawn offer from Party X for MDLY. They also discussed the reasons
that deal was of limited value in evaluating the terms of the proposed MDLY Merger. The Sierra Special Committee determined to
propose a price of $6.25 per share for MDLY and an exchange ratio of 0.76 for each share of MCC Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 26, 2018, the Sierra Special Committee held a telephonic meeting with representatives of S&amp;W. The S&amp;W representatives
provided an update on their understanding of the status of the negotiations with the MCC Special Committee and the MDLY Special
Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2018, the Sierra Special Committee held a telephonic meeting with representatives of Broadhaven and S&amp;W. During that
meeting, the Broadhaven representatives provided an update on their understanding of the status of negotiations with the MCC Special
Committee and the MDLY Special Committee. The proposed framework, now included (i) a price of $6.75 per share for MDLY, which
includes a $0.50 per share dividend to be paid by MDLY to MDLY Stockholders immediately prior to the Mergers, (ii) an exchange
ratio of 0.8050 for the MCC Merger and (iii) the elimination of the Tax Receivable Agreement such that all tax benefits would
accrue to the Combined Company. The Broadhaven representatives then reviewed an updated analysis that they had prepared which
reflected the latest proposal from the MCC Special Committee and the MDLY Special Committee, which had been provided to the Sierra
Special Committee prior to the meeting. The materials included an analysis of the implied nominal MDLY share price of $6.75 per
share. The Broadhaven representatives also reviewed their analysis of the exchange ratio for MCC Common Stock, which showed the
implied MCC purchase price and the premium and discount to the market price of MCC Common Stock. They also noted that the elimination
of the Tax Receivable Agreement was a significant economic concession from MDLY. The Broadhaven representatives next reviewed
their analysis of the financial impact of the Proposed Business Combination to the Combined Company. The Broadhaven representatives
noted that assuming a nominal price of $6.75 per share to be paid to MDLY Stockholders and an exchange ratio of 0.8050 for the
MCC Merger, the Proposed Business Combination would result in 16% accretion in NII, 0.9% accretion in NAV and 0.94% increase in
operating ROE for the Sierra Stockholders. The Broadhaven representatives reviewed the options available to the Sierra Special
Committee, which included, among others, accepting the counterproposal from the MCC Special Committee and the MDLY Special Committee
or rejecting the counterproposal and renewing the Sierra Special Committee&rsquo;s previous counterproposal. The Broadhaven representatives
advised that, based on Management&rsquo;s feedback regarding the views of the MCC Special Committee and the MDLY Special Committee,
obtaining a lower exchange ratio for the MCC Merger was likely not possible but they believed that there was still some room to
negotiate with the MDLY Special Committee on the terms of a transaction with MDLY. The Broadhaven representatives advised the
Sierra Special Committee to examine the terms of the Proposed Business Combination in whole rather than considering each Merger
in isolation. The Broadhaven representatives confirmed that they were prepared to take the MCC Special Committee&rsquo;s and the
MDLY Special Committee&rsquo;s latest counterproposal to their fairness opinion committee. The Sierra Special Committee excused
the Broadhaven representatives from the call.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee discussed how to respond to the MDLY Special Committee&rsquo;s counterproposal. After discussion, the
Broadhaven representatives rejoined the call. The Sierra Special Committee communicated its current thinking on the MDLY Special
Committee&rsquo;s counterproposal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Brook Taube joined the meeting. The Chair of the Sierra Special Committee provided an update to Mr. Taube on the status of the
Committee&rsquo;s deliberations. Mr. Taube discussed the rationale for the MDLY Special Committee&rsquo;s counterproposal, noting
that the increased allocation of the benefits of the Tax Receivable Agreement to the Combined Company provided an offset to the
financial impact of the higher exchange ratio for the MCC Merger that was being sought by the MCC Special Committee. Mr. Taube
also discussed the importance of the nominal price of $6.75 per share for the MDLY Special Committee. The Sierra Special Committee
then excused Mr. Taube from the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee continued to discuss the MDLY Special Committee&rsquo;s counterproposal with the representatives of Broadhaven
and S&amp;W. The Sierra Special Committee indicated that it would accept the 0.8050 exchange ratio for the MCC Merger proposed
by the MCC Special Committee but wanted a nominal price of $6.50 per share for MDLY. The Sierra Special Committee directed the
Broadhaven representatives to ask Management to communicate the Sierra Special Committee&rsquo;s position to the two other special
committees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 29, 2018, Eversheds Sutherland uploaded to the electronic data room drafts of the MDLY Merger Agreement and MCC Merger Agreement
for the proposed Mergers. Representatives of S&amp;W reviewed the draft agreements on the behalf of the Sierra Special Committee.
On August 3, 2018, representatives of S&amp;W circulated their preliminary comments on the draft agreements to the Sierra Special
Committee. From August 3, 2018 through August 9, 2018, representatives of Eversheds Sutherland circulated multiple drafts of the
Merger Agreements among representatives of Kramer Levin Naftalis &amp; Frankel LLP, independent counsel to the MCC Special Committee
(&ldquo;<B><I>Kramer Levin</I></B>&rdquo;), Potter Anderson &amp; Corroon LLP, independent counsel to the MDLY Special Committee
(<B><I>&ldquo;Potter Anderson</I></B>&rdquo;), and S&amp;W.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 31, 2018, the Sierra Special Committee held a telephonic meeting with representatives of S&amp;W. During that meeting, the
participants discussed the upcoming Sierra Audit Committee and Sierra Board meetings. The S&amp;W representatives provided an
overview of the draft MCC Merger Agreement and the MDLY Merger Agreement. The S&amp;W representatives noted that in response to
a request from the Sierra Special Committee at its July 18, 2018 meeting updated information concerning the cost savings and synergies
from the Proposed Business Combination had been circulated the previous day to the Sierra Special Committee. Representatives of
Broadhaven joined the call and provided an update on their understanding of the state of the negotiations with the MCC Special
Committee and the MDLY Special Committee. The Broadhaven representatives said that the MCC Special Committee had agreed to the
exchange ratio of 0.8050 and that the MDLY Special Committee had counter proposed a nominal price of $6.65. After additional discussion,
the Sierra Special Committee determined to proceed with further negotiations with MCC and MDLY, using the foregoing terms as a
framework to negotiate the legal agreements among the parties. Broadhaven representatives said that they expected to share a draft
of their fairness opinion with the Sierra Special Committee by the end of the week.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 2, 2018, the Sierra Special Committee met in executive session prior to Sierra Board meeting with a representative of S&amp;W.
In addition to discussing matters related to the upcoming meeting, the Sierra Special Committee discussed a variety of matters
concerning the Proposed Business Combination, including the composition of the Combined Company Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 2, 2018, the Sierra Special Committee held a telephonic meeting with representatives of Broadhaven and S&amp;W. During
that meeting, Broadhaven representatives discussed the accounting treatment of Merger Sub. Broadhaven representatives said that
they did not analyze the impact consolidation would have on the debt currently held by MDLY, the magnitude of the benefits of
the Tax Receivable Agreement, or the financial projections for MDLY given that the transaction being considered did not contemplate
consolidation. Broadhaven representatives noted that their fairness opinion was conditioned on fair value rather than consolidation
accounting for MDLY. The discussion turned to next steps in regard to the accounting treatment of Merger Sub.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 5, 2018, the Sierra Special Committee held a telephonic meeting with representatives of S&amp;W. The S&amp;W representatives
discussed the application of the SEC&rsquo;s &ldquo;going private&rdquo; rule to the MDLY Merger and the determination that the
Sierra Board would be required to make as a result. The Sierra Special Committee then discussed the reports of the compensation
consultant that it had received prior to the meeting. The Sierra Special Committee began by discussing the proposed executive
compensation to be paid to certain members of Sierra&rsquo;s management and the comparable compensation information for certain
comparable BDCs and alternative asset managers. The Sierra Special Committee noted certain additional information they planned
to request from Management, including the specific roles and responsibilities of the members of Management proposed to receive
executive compensation packages. The S&amp;W representatives also discussed with the Sierra Special Committee the draft form of
employment agreement that Management had provided. The Sierra Special Committee determined that combining the positions of the
Chief Executive Officer and chair of the Combined Company Board was appropriate at this time based on the following factors: (a)
its research revealed that the vast majority of other BDCs, including internally managed BDCs, also combine the positions of chief
executive officer and chairman of the board of directors, (b) Brook Taube&rsquo;s history with MCC, familiarity with its investment
platform, and extensive knowledge of the financial services industry, in addition to his current role as a director of Sierra,
qualify him to serve as the Chief Executive Officer and the Chairman of the Combined Company Board, (c) the Combined Company will
designate a lead independent director who will serve as a liaison between management and the Combined Company Board, and (d) the
Combined Company Board will have a super-majority of independent directors as only Brook Taube will be an interested director.
The Sierra Special Committee believes all of the foregoing factors would mitigate any potential conflicts that may arise when
an interested director serves as the chairman of a board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
representative from Broadhaven then joined the meeting. The Broadhaven representative noted that Broadhaven did not perform any
analysis to determine how consolidation of Merger Sub&rsquo;s financials with those of the Combined Company would affect the economics
of the Proposed Business Combination given that the transaction being considered did not contemplate consolidation. The Broadhaven
representative reported that Broadhaven had completed its due diligence of MCC and MDLY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also
on August 5, 2018, the Sierra Special Committee held a telephonic meeting with representatives of Management, Eversheds Sutherland,
Broadhaven and S&amp;W. At the invitation of the Sierra Special Committee and at the direction of MDLY, representatives of Goldman
Sachs were in attendance at this meeting. Representatives of Management and Eversheds Sutherland provided an update on the discussions
with SEC Staff concerning the accounting treatment for Merger Sub and the exemptive relief necessary for the Combined Company
to operate as contemplated following the Proposed Business Combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee held a telephonic meeting with representatives of Broadhaven and S&amp;W immediately following the telephonic
meeting with Management and Eversheds Sutherland. In addition to discussing the earlier call with Management and Eversheds Sutherland,
the Sierra Special Committee discussed next steps, including how best to comply with the various requirements of the SEC&rsquo;s
going private rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 6, 2018, the Sierra Special Committee held a telephonic meeting with representatives of Broadhaven and S&amp;W. During
that meeting, the Sierra Special Committee discussed compensation-related matters to be raised with Mr. Brook Taube during a call
later that day. The Sierra Special Committee also discussed certain provisions in the draft form of employment agreement, including
the non-compete provision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 7, 2018, the Sierra Special Committee held a telephonic meeting with representatives of Management, Winston &amp; Strawn,
counsel to Management, and S&amp;W. During that meeting, Mr. Brook Taube reviewed Management&rsquo;s objectives with the proposed
executive compensation packages and the draft form of employment agreement. He explained that the proposed compensation was designed
to be at or slightly below the industry median and that the employment agreement was intended to provide a market-based framework
for senior executives. There was then a discussion of the draft form of employment agreement that had been circulated by S&amp;W
earlier in the day with a goal of resolving specific business points. After discussion, the participants on the call agreed to
have Winston &amp; Strawn and S&amp;W prepare a revised draft form of employment agreement that reflected the substance of the
discussions during the call and circulate that revised draft to all of the participants of the meeting for their consideration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 8, 2018, the Chair of the Sierra Special Committee held a telephone conference call with representatives of Broadhaven
and S&amp;W. The participants on the call discussed the termination fee that would be appropriate with repect to each of the MCC
Merger and the MDLY Merger. Following a discussion with representatives of Broadhaven and S&amp;W, the Sierra Special Committee
agreed that a termination fee of $6,000,000 in regard to the MCC Merger would be appropriate. In addition, the Sierra Special
Committee agreed that the termination fee of $5,350,000 currently contemplated for the MDLY Merger was appropriate, but that MDLY
should also be asked to reimburse Sierra&rsquo;s expenses should the MDLY Merger not be consummated. The Sierra Special Committee
considered typical ranges for termination fees of 2% to 5% of the deal value and concluded that the termination fee for the MCC
Merger was appropriate and that the sum of the termination fee and reimbursement of expenses in the MDLY Merger was similarly
consistent with precedents. Later on August 8, 2018, the Sierra Special Committee then held an in-person meeting with representatives
of Broadhaven, Miles and Stockbridge P.C. (&ldquo;<B><I>M&amp;S</I></B>&rdquo;), counsel to Sierra in connection with Maryland
corporate law related matters, and S&amp;W. The S&amp;W representatives reported that they had completed their due diligence of
MCC and MDLY and had not identified any matters that they believed would prevent the Sierra Special Committee from approving the
Proposed Business Combination. A representative of M&amp;S reviewed the Sierra Special Committee&rsquo;s duties and responsibilities
as directors of a Maryland corporation in regard to their consideration of the Proposed Business Combination. Representatives
of S&amp;W provided an overview of the MCC Merger Agreement and the MDLY Merger Agreement, noting that the MCC Merger Agreement
and the MDLY Merger Agreement were still being negotiated among the parties. In reviewing the material terms and conditions of
the MCC Merger Agreement and the MDLY Merger Agreement, the representatives of S&amp;W noted that the receipt of SEC exemptive
relief to permit the Combined Company to operate as proposed, confirmation from the SEC Staff that the financial statements of
Merger Sub would not be consolidated with those of the Combined Company, and receipt of an opinion that the Mergers would qualify
as tax-free reorganizations were all conditions to closing in each of the MCC Merger Agreement and the MDLY Merger Agreement.
The representatives of S&amp;W reviewed the termination provisions in the MCC Merger Agreement and the MDLY Merger Agreement,
which included termination fees and required the Mergers to close by March 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee discussed responsibilities under the SEC&rsquo;s going private rule in connection with its consideration
of the MDLY Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representatives
of M&amp;S and S&amp;W discussed the possibility of amending the Sierra Charter and Sierra Bylaws prior to the closing of the
Mergers. Representatives of S&amp;W explained that certain provisions of these organizational documents currently contemplated
that Sierra would not be listed on a national securities exchange and that Sierra would be externally managed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broadhaven
representatives reviewed their analysis of the Proposed Business Combination, copies of which were handed out at the meeting.
Broadhaven representatives noted that they had previously reviewed with the Sierra Special Committee much of the information and
analysis set forth in their report. Broadhaven representatives discussed (1) the structure of the Proposed Business Combination,
(2) the investment portfolios of each of Sierra and MCC, (3) the valuation of each of Sierra, MDLY and MCC, and (4) an analysis
of the impact of the Proposed Business Combination on Sierra. Broadhaven representatives highlighted certain features of the Proposed
Business Combination that redounded to the benefit of Sierra and the Sierra Stockholders, including the termination of the Tax
Receivable Agreement which would allow 100% of the benefits from the Tax Receivable Agreement to go to the Combined Company and
its stockholders. Broadhaven representatives noted that the market price for the shares of the Combined Company would likely be
higher than the market price for the shares of Sierra Common Stock if it listed its shares on a standalone basis. Broadhaven representatives
noted the benefit of converting from an externally-managed BDC to an internally-managed one. Broadhaven representatives then reviewed
their merger analysis. Broadhaven representatives explained that the Proposed Business Combination was expected to result in 15.6%
accretion in NII, 0.94 basis points increase in ROE and 0.7% accretion in NAV for Sierra. Broadhaven representatives discussed
the rationale for paying a premium over the current market price of MDLY Class A Common Stock and MCC Common Stock to effect the
Mergers. The rationale included the financial benefits described above, the fact that the premium was consistent with premiums
typically paid in a change of control transaction, and the reasonableness of the valuation multiples implied by the purchase price,
including the multiple of EBITDA. The Broadhaven representatives then discussed their draft fairness opinion, noting that it was
conditioned on Sierra receiving SEC exemptive relief to allow the Combined Company to operate as proposed and confirmation from
the SEC that consolidation of Merger Sub&rsquo;s financials with those of the Combined Company was not necessary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later
on August 8, 2018, the Sierra Board held a special in-person meeting. Representatives of Management, Eversheds Sutherland, Broadhaven,
M&amp;S and S&amp;W also participated. The Chair of the Sierra Special Committee reported to the Sierra Board the discussions
that had occurred during the earlier Sierra Special Committee meeting. The Chair of the Sierra Special Committee reported that
(1) M&amp;S and S&amp;W representatives had reviewed the duties and responsibilities of the Sierra Special Committee; (2) S&amp;W
representatives had reviewed with the Sierra Special Committee the material terms and conditions of the MCC Merger Agreement and
the MDLY Merger Agreement for the MCC Merger and MDLY Merger, respectively, with a particular focus on terms and conditions that
had changed since the Committee had last seen drafts of the MCC Merger Agreement and the MDLY Merger Agreement on August 3, 2018;
(3) M&amp;S and S&amp;W representatives had reviewed potential considerations and the process under Rule 13e-3; (4) S&amp;W representatives
had reviewed the anticipated governance structure of the Combined Company and any necessary steps to accomplish that structure
before the closing of the Proposed Business Combination, which included potentially amending the Sierra Charter and Sierra Bylaws;
(5) Broadhaven representatives reviewed their analysis of the Proposed Business Combination and their draft fairness opinion concerning
the Proposed Business Combination; (6) Broadhaven and S&amp;W representatives discussed the draft press release and investor presentation
announcing the Proposed Business Combination; and (7) the parties to the Proposed Business Combination had held a general discussion
of next steps.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also
on August 8, 2018, the Sierra Special Committee held an in-person meeting with representatives of Management, their counsel, Winston
&amp; Strawn (participating by telephone), and S&amp;W. The participants discussed the latest draft of the form of employment
agreement that had been circulated earlier in the day with a focus on the changes that had been made since the previous draft
had been circulated to the meeting participants. After discussion, the representatives of Management and Winston &amp; Strawn
left the meeting and the Sierra Special Committee held an executive session with S&amp;W.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
representatives of Management and Winston &amp; Strawn later rejoined the meeting and agreed to most of the provisions that the
Sierra Special Committee had requested. Management asked the Sierra Special Committee to consider certain provisions that Management
wanted included in the final form of employment agreement. The Sierra Special Committee agreed to provide a response to Management
the following morning.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 9, 2018, the Sierra Special Committee held a telephonic meeting with representatives of S&amp;W. The Sierra Special Committee
discussed the outstanding items regarding the form of employment agreement. After discussion, they agreed to communicate the Sierra
Special Committee&rsquo;s position to Management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also
on August 9, 2018, representatives of S&amp;W and the Sierra Special Committee discussed the management compensation assessment
prepared by the independent compensation consultant concerning the reasonableness of the Combined Company&rsquo;s contemplated
compensation for MDLY&rsquo;s executive officers to become effective upon the closing of the Mergers. Representatives of S&amp;W
also discussed the management compensation assessment with representatives of Kramer Levin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later
on August 9, 2018, the Sierra Special Committee held a call with representatives of Broadhaven, M&amp;S and S&amp;W. Broadhaven
representatives directed the Sierra Special Committee to their analysis and fairness opinion. Broadhaven representatives explained
that both documents were substantially similar to the versions presented to the Sierra Special Committee the previous day and
reviewed the changes that had been made since the previous day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representatives
of S&amp;W reviewed the MCC Merger Agreement and MDLY Merger Agreement with the Sierra Special Committee, highlighting any differences
from the versions presented the previous day. The meeting participants discussed one provision related to the termination of the
Tax Receivable Agreement. After discussion, S&amp;W representatives indicated they would ask Management to communicate to the
MCC Special Committee and the MDLY Special Committee the contract language requested by the Sierra Special Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
discussion the Sierra Special Committee determined to approve Sierra&rsquo;s participation in the Proposed Business Combination;
the terms of the MCC Merger Agreement and the transactions contemplated thereby, including the MCC Merger; and the terms of the
MDLY Merger Agreement and the transactions contemplated thereby, including the MDLY Merger; and recommend that the Sierra Board
approve the same. In approving the Proposed Business Combination, the Sierra Special Committee considered the potential benefits
and potential risks that might result from the consummation of the Proposed Business Combination, recognizing that there was no
guarantee that the anticipated benefits would be realized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
following the August 9, 2018 Sierra Special Committee meeting, the Sierra Board held a special telephonic meeting, with all members
of the Board present. Representatives of Management, Eversheds Sutherland, Broadhaven, M&amp;S and S&amp;W also participated in
the meeting. The Chair of the Sierra Special Committee reported to the Sierra Board that representatives of Broadhaven had presented
their final analysis of the Proposed Business Combination and their fairness opinion to the effect that as of that date and based
upon and subject to various assumptions, matters considered and limitations described in this opinion, the consideration to be
provided for each share of MCC Common Stock and each share of MDLY Common Stock is fair to the holders of Sierra Common Stock
(other than Medley Advisors and its affiliates) from a financial point of view, and that representatives of S&amp;W had reviewed
the MCC Merger Agreement and MDLY Merger Agreement for the proposed Mergers. The Chair of the Sierra Special Committee reported
that based on the numerous meetings of the Sierra Special Committee and the advice of the representatives of Broadhaven, M&amp;S
and S&amp;W, the Sierra Special Committee had approved, and recommended that the Sierra Board approve, the Proposed Business Combination,
the MCC Merger Agreement, and the MDLY Merger Agreement. After discussion, and on the basis of the Sierra Special Committee&rsquo;s
recommendation, the Sierra Board unanimously approved Sierra&rsquo;s participation in the Proposed Business Combination; approved
the terms of the MCC Merger Agreement and the transactions contemplated thereby, including the MCC Merger; approved the MDLY Merger
Agreement and the transactions contemplated thereby, including the MDLY Merger; and approved the submission of each of the MCC
Merger Agreement and the transactions contemplated thereby and MDLY Merger Agreement and the transactions contemplated thereby
to the Sierra Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>i.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Summary
                                         of Financial Presentation by Broadhaven, dated August 9, 2018, to the Sierra Special
                                         Committee</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 9, 2018, Broadhaven rendered its oral opinion, which was subsequently confirmed in writing by delivery of the opinion,
to the Sierra Special Committee to the effect that, as of that date and based upon and subject to the assumptions made, procedures
followed, matters considered and qualifications and limitations on the scope of review undertaken by Broadhaven as set forth in
its opinion, the total consideration to be paid and issued by Sierra pursuant to the MCC Merger Agreement and MDLY Merger Agreement
in the aggregate (the&ldquo;total consideration&rdquo;), considered as a whole and not in separate parts, was fair to Sierra from
a financial point of view.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In conducting its
analysis and arriving at its opinion, Broadhaven, among other things, reviewed certain audited and unaudited financial information,
and other business and operating data, regarding Sierra, MCC and MDLY; reviewed certain financial projections relating to MCC
prepared by Management (the &ldquo;<B><I>MCC Projections</I></B>&rdquo;); reviewed certain financial projections relating to MDLY
prepared by Management (the &ldquo;<B><I>MDLY Projections</I></B>&rdquo;); reviewed certain financial projections relating to
Sierra (the &ldquo;<B><I>Sierra Projections</I></B>&rdquo;) prepared by Management; discussed the past and current business, operations,
financial condition and prospects of each of MCC, MDLY and Sierra; reviewed the recent stock price performance of the MDLY Common
Stock and a comparison with the stock price performance of certain other comparable companies; reviewed the recent stock price
performance of the MCC Common Stock and a comparison with the average and median trading prices of certain BDCs that are, in Broadhaven&rsquo;s
judgment, comparable in certain respects to MCC; reviewed the anticipated pro forma impact of the transactions on Sierra&rsquo;s
NII, NAV and financial ratios; reviewed the financial terms, to the extent publicly available, of certain comparable acquisition
transactions; compared the financial performance of MCC and MDLY with that of certain other publicly traded companies comparable
in certain respects with MCC and MDLY, respectively, and their securities; reviewed the Tax Receivable Agreement and the proposed
treatment of the Tax Receivable Agreement under the MCC Merger Agreement and MDLY Merger Agreement; reviewed drafts of the MCC
Merger Agreement and MDLY Merger Agreement and certain related documents; and performed such other analyses and considered such
other factors as Broadhaven has deemed appropriate. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparing its
analysis and reaching its opinion, Broadhaven assumed and relied upon, without independent verification, the accuracy and completeness
of the information that was publicly available or supplied or otherwise made available to it by Sierra, MCC or MDLY. Broadhaven
further assumed, in all cases with the Sierra Special Committee&rsquo;s consent, that the final executed MCC Merger Agreement
and MDLY Merger Agreement would not differ in any respect material to its analysis or its opinion from the draft MCC Merger Agreement
and MDLY Merger Agreement Broadhaven reviewed; the MCC Projections and the MDLY Projections were reasonably prepared on bases
reflecting the best currently available estimates and judgments of Management of the future financial performance of each of MCC
and MDLY on a standalone basis, respectively; the Sierra Projections were reasonably prepared on bases reflecting the best currently
available estimates and judgments of Management of the future financial performance of Sierra on a standalone basis and following
the acquisition of MCC and MDLY, respectively; the Mergers will be consummated in accordance with the terms set forth in the MCC
Merger Agreement and MDLY Merger Agreement without any waiver, amendment or delay of any terms or conditions in any manner that
would be material to Broadhaven&rsquo;s analysis and opinion; the revenues and earnings reflected in the Sierra Projections (and,
following the Mergers, the revenues and earnings projected in the MCC Projections and the MDLY Projections) will be realized in
the amounts and at the times projected in all respects material to Broadhaven&rsquo;s analysis; the Mergers will not result in
the assumption or other acquisition of any tax, regulatory or other liabilities (including liabilities of MCC and MDLY and their
respective subsidiaries) beyond those provided for in the MCC Merger Agreement and MDLY Merger Agreement; the representations
and warranties of Sierra, MCC and MDLY contained in the MCC Merger Agreement and MDLY Merger Agreement are accurate and complete
in all respects material to Broadhaven&rsquo;s analysis; and the Mergers will qualify for federal income tax purposes as a reorganization
under the provisions of Section 368(a) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Broadhaven has
not made any independent valuation or appraisal of Sierra, MCC, MDLY or their respective assets or liabilities, Broadhaven has
not relied upon any such valuations or appraisals furnished to it, and its opinion does not constitute or imply any particular
valuation of Sierra. In arriving at its opinion, Broadhaven has not conducted a physical inspection of Sierra, MCC, MDLY or their
respective assets. Broadhaven&rsquo;s opinion is necessarily based on financial, economic, market and other conditions as in effect
on, and the information made available to Broadhaven as of, the date of its opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is
a brief summary of the material financial analyses performed by Broadhaven in connection with the preparation of its opinion to
the Sierra Special Committee in <U>Appendix B</U> attached hereto. Assessing any portion of such analyses and of the factors reviewed, without considering
all analyses and factors described in <U>Appendix B</U>, could create a misleading or incomplete view of Broadhaven&rsquo;s analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial Analysis of Sierra</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to
Sierra, Broadhaven conducted the following analyses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Comparable Public
Companies Analysis. </I>Broadhaven considered certain financial data of selected internally-managed and externally-managed BDC&rsquo;s
with publicly traded equity securities. The financial data included, among other things: stock price as a multiple of NAV per
share (&ldquo;P / NAV&rdquo;); stock price as a multiple of 2019 projected earnings per share (&ldquo;P / Earnings&rdquo;); and
dividend yield based on most recent quarterly dividend (&ldquo;MRQ Dividend Yield&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selected internally-managed
BDC&rsquo;s were Main Street Capital Corporation, Hercules Capital, Inc., Triangle Capital Corporation, Capital Southwest Corporation
and KCAP Financial, Inc. Broadhaven noted that Triangle Capital Corporation had announced, and its shareholders had approved,
a proposal to externalize the management of the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selected externally-managed
BDC&rsquo;s were Ares Capital Corporation, Prospect Capital Corporation, Corporate Capital Trust, Inc., FS Investment Corporation,
TPG Specialty Lending, Inc., Apollo Investment Corporation, TCG BDC, Inc., Golub Capital BDC, Inc., New Mountain Finance Corporation,
Solar Capital Ltd., TCP Capital Corp., Goldman Sachs BDC, Inc., Oaktree Specialty Lending Corporation, PennantPark Floating Rate
Capital Ltd., PennantPark Investment Corporation, BlackRock Capital Investment Corporation, Gladstone Investment Corporation,
Oxford Square Capital Corp., Fidus Investment Corporation, WhiteHorse Finance, Inc., Monroe Capital Corporation, Solar Senior
Capital Ltd., THL Credit, Inc., Oaktree Strategic Income Corporation, Gladstone Capital Corporation, TriplePoint Venture Growth
BDC Corp., Stellus Capital Investment Corporation, Medley Capital Corporation, MVC Capital, Inc., Garrison Capital Inc., Capitala
Finance Corp., American Capital Senior Floating, Ltd., Horizon Technology Finance Corporation, OFS Capital Corporation, and Saratoga
Investment Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Broadhaven advised
the Sierra Special Committee that no company utilized in the comparable public company analysis is directly comparable to Sierra.
In evaluating the selected companies, Broadhaven made judgments and assumptions with regard to industry performance, general business,
economic, market and financial conditions and other matters, many of which are beyond the control of Sierra, such as the impact
of competition on the businesses of Sierra and on the middle-market lending industry generally, industry growth and the absence
of any material adverse change in the financial condition and prospects of Sierra or the industry or in the financial markets
in general, which could affect the public trading value of the companies selected for comparison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Comparison of
Sierra and MCC</I>. Broadhaven noted the meaningful similarities between the MCC loan portfolio and the Sierra loan portfolio.
In particular, 48% of Sierra&rsquo;s portfolio was comprised of borrowers which were also represented in the MCC portfolio. In
addition, Broadhaven noted that MCC and Sierra shared the same external portfolio manager (MDLY), had a similar investment strategy
and had similar levels of leverage. Broadhaven conducted analysis of MCC&rsquo;s trading levels relative to its NAV over time
and noted that MCC traded at a price to NAV of 48% as of August 8, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>BDC Regression
Analysis</I>. Broadhaven compared Sierra&rsquo;s return on equity for fiscal year 2019 provided in the Sierra Projections (&ldquo;<B><I>SIC
2019 ROE</I></B>&rdquo;) with the relationship between 2019 ROEs and current price / NAV trading levels for internally-managed
and externally-managed BDC&rsquo;s. SIC 2019 ROE of 7.0%, as provided in the Sierra Projections, implied a trading price per share
equal to 73% of Sierra&rsquo;s NAV based on such regression analysis. Adjusting SIC 2019 ROE to reflect potential credit losses
in an amount equal to the average annual losses of Sierra for fiscal years 2016 and 2017 resulted in a decline of Sierra&rsquo;s
ROE to 4.8% for the fiscal year 2019 and implied a trading price per share equal to 58% of Sierra&rsquo;s NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Based on the results
of the above analyses and other factors that Broadhaven considered appropriate in its professional judgment, Broadhaven applied
a P/NAV of 60% to 75% to Sierra&rsquo;s NAV per share as of June 30, 2018, which resulted in an implied equity value per share
of Sierra Common Stock of $4.36 to $5.45. Because Sierra was not publicly traded, the implied equity value per share of Sierra
Common Stock was a necessary basis for calculating the consideration paid for MCC and MDLY and determining the fairness of such
consideration. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial Analysis of MCC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to
MCC, Broadhaven performed the following analyses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Contribution
Analysis</I>. Broadhaven noted the relative contributions of Sierra and MCC to a pro forma combined entity resulting from their
merger (and, for purposes of this analysis, excluding the impact of the combination with MDLY) based on certain financial and
operating metrics and compared those contributions to the 68.8% of the pro forma combined entity that would be owned by the pre-merger
holders of Sierra Common Stock after giving effect to the MCC Merger and the 31.2% of the pro forma Combined Company that would
be owned by the former holders of MCC Common Stock after giving effect to the MCC Merger. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Based on the results
of this analysis, the financial analysis of Sierra discussed above, and other factors that Broadhaven considered appropriate in
its professional judgment, Broadhaven noted that the MCC Exchange Ratio resulted in a per share purchase price to MCC Stockholders
of $3.51 to $4.39, which implied (a) a Price / MRQ NAV of 54.7% &mdash; 68.3% to MCC&rsquo;s NAV as of June 30, 2018, and (b)
a premium to MCC market price as of August 8, 2018 of 4% to 30%. Broadhaven noted that the contribution analysis implied a range
of MCC ownership from 18.6% to 33.2%, with an average of 27.7% when compared to the 31.2% resulting from the MCC Merger. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Selected Precedent
Transactions Analysis</I>. Broadhaven also reviewed the purchase prices paid in nine publicly announced selected transactions
based on publicly available information and calculated the purchase price to the-most-recent-quarter NAV ratio (&ldquo;<B><I>Price
/ MRQ NAV</I></B>&rdquo;), the purchase price to the last-twelve-month NII ratio (&ldquo;<B><I>Price / LTM NII</I></B>&rdquo;)
and the purchase price to the next-twelve-month NII ratio (&ldquo;<B><I>Price / NTM NII</I></B>&rdquo;), respectively. Broadhaven
noted that the mean Price / MRQ NAV was 76%, compared to the range of 54.7% - 68.3% for the MCC Merger. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No company or transaction
utilized in the precedent transaction analysis is identical to MCC or directly comparable to the proposed MCC Merger involving
MCC. In evaluating the selected precedent transactions, Broadhaven made judgments and assumptions with regard to industry performance,
general business, economic, market and financial conditions and other matters, many of which are beyond the control of MCC, such
as the impact of competition on the business of MCC or the middle-market lending industry generally, industry growth and the absence
of any material adverse change in the financial condition and prospects of MCC or the industry or in the financial markets in
general, which could affect the public trading value of the companies and the value of the transactions selected for comparison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial Analysis of MDLY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to
MDLY, Broadhaven performed the following analyses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Comparable Public
Companies Analysis. </I>Broadhaven considered the enterprise value to EBITDA ratio for selected traditional asset management companies
with publicly traded equity securities. The selected traditional asset management companies were: BlackRock, T. Rowe Price, Franklin
Resources, Invesco, Affiliated Managers Group, AllianceBernstein, Eaton Vance, Janus Henderson, Legg Mason, Artisan Partners,
Hamilton Lane, Federated Investors, Cohen &amp; Steers, Waddell &amp; Reed Financial, BrightSphere, WisdomTree, Virtus, GAMCO
Investors, Diamond Hill, Victory Capital, Pzena, Westwood, Manning &amp; Napier, and Silvercrest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Discounted Cash
Flow Analysis. </I>Broadhaven performed a discounted cash flow analysis of MDLY by calculating the estimated present value (as
of December 31, 2018) of the unlevered, after-tax free cash flows that MDLY was forecasted to generate based on the MDLY Projections.
Broadhaven calculated the implied terminal value of MDLY by applying a selected range of enterprise value/EBITDA multiples of
6x to 10x, to MDLY&rsquo;s projected EBITDA for the fiscal year 2023. The present value (as of December 31, 2018) of MDLY&rsquo;s
cash flows and terminal values were then calculated using a selected range of discount rates from 10% to 18% derived from a weighted
average cost of capital calculation. This analysis indicated the approximate implied per share equity value reference range for
MDLY of $6.58 to $15.57, as compared to an implied range of MDLY Merger Consideration per share of between $5.65 and $5.79 (assuming
Sierra Common Stock is valued at 65% and 70%, respectively, of per share NAV) before giving effect to the net present value of
the tax assets under the Tax Receivable Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, Broadhaven
performed an analysis of the net present value of the tax assets under the Tax Receivable Agreement, which resulted in a net present
value range of $1.03 to $1.59 per share, and a midpoint net present value of $1.26, based on a 12.0% discount rate. Taking into
account the midpoint of the range of values ascribed to the Tax Receivable Agreement, implied a range of MDLY Merger Consideration
per share of between $4.39 to $4.53 (assuming Sierra Common Stock is valued at 65% and 70% of per share NAV, respectively).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Selected Precedent
Transactions Analysis. </I>Broadhaven also reviewed the purchase prices paid in 4 publicly announced selected transactions based
on publicly available information and calculated the respective enterprise value to the EBITDA ratios.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No company or transaction
utilized in the precedent transaction analysis is identical to Sierra or MDLY or directly comparable to the proposed MDLY Merger
involving Sierra and MDLY. In evaluating the selected precedent transactions, Broadhaven made judgments and assumptions with regard
to industry performance, general business, economic, market and financial conditions and other matters, many of which are beyond
the control of Sierra and MDLY, such as the impact of competition on the business of Sierra and/or MDLY or the industry generally,
industry growth and the absence of any material adverse change in the financial condition and prospects of Sierra and/or MDLY
or the industry or in the financial markets in general, which could affect the public trading value of the companies and the value
of the transactions selected for comparison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the results
of this analysis and other factors that Broadhaven considered appropriate in professional judgment, Broadhaven applied an enterprise
value to the EBITDA ratio of 8.0x &mdash; 12.0x to MDLY&rsquo;s last-twelve-month EBITDA (as of June 30, 2018), EBITDA for the
fiscal year 2018 as provided in the MDLY Projections and EBITDA for the fiscal year 2019 as provided in the MDLY Projections,
which resulted in an implied purchase price range of $2.66 to $5.58 per share, $3.42 to $6.72 per share and $6.32 to $11.07, respectively,
for MDLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, Broadhaven
conducted a downside sensitivity analysis to MDLY&rsquo;s EBITDA for the fiscal year 2018 as provided in the MDLY Projections.
Broadhaven assumed 1% to 5% decline and 5% to 15% decline, respectively, in assets under management (&ldquo;<B><I>AUM</I></B>&rdquo;)
at Sierra and MCC to simulate additional credit losses. The AUM of other products that are assumed to be either newly launched
or at an early stage of development were also adjusted downward with respect to growth rates assumed by Management in the MDLY
Projections. The downside sensitivity also reduced Sierra incentive fees for the fiscal 2019, incorporating a 0% to 50% reduction
relative to the amount provided in the MDLY Projections. Finally, Broadhaven assumed that the compensation and benefits cost savings
implied by reductions in AUM were 50% of the amount provided in the MDLY Projections across all downside scenarios. These adjustments
implied a MDLY&rsquo;s EBITDA range of $29.4 million to $35.5 million for the fiscal year 2019. Applying the above mentioned 8.0x
&mdash; 12.0x enterprise value to the EBITDA ratio to the low end of the downside sensitivity implied an MDLY purchase price range
of $4.13 to $7.78 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Pro Forma Value
Creation Analysis. </I>Broadhaven also considered the potential value creation of the Mergers for the pre-merger Sierra Stockholders
based on a comparison of (a) the net investment income per share and operating return on equity, respectively, implied for Sierra
on a standalone basis for the fiscal year 2019 as provided in the Sierra Projections and (b) the net investment income per share
and operating return on equity, respectively, implied for the potential pro forma Combined Company (after the completion of both
Mergers) for the fiscal year 2019 as derived from the Sierra Projections, the MCC Projections and MDLY Projections. Broadhaven
also compared (i) the per share NAV of Sierra on a standalone basis as of June 30, 2018 and (ii) the per share NAV of the potential
pro forma Combined Company as of June 30, 2018. This analysis indicated that the NII per share, operating ROE and the per share
NAV were each greater for the pro forma Combined Company than for Sierra on a standalone basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_48"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>MCC</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the June 19, 2018 MCC Board meeting, the MCC Board expanded the scope of the MCC Special Committee to, among other things: (i)
evaluate and review the terms and conditions of the Proposed Business Combination or any alternative thereto; (ii) communicate
and negotiate (or direct the communication or negotiation) with respect to the terms and conditions of the Proposed Business Combination
or any alternative thereto; (iii) determine whether the Proposed Business Combination or any alternative thereto is advisable
and is fair to, and in the best interests of MCC and the MCC Stockholders; (iv) recommend to the MCC Board the rejection or approval
and effectuation of the Proposed Business Combination or any alternative thereto; (v) consider, evaluate, review and monitor all
proceedings and activities of MCC related to the Proposed Business Combination or any alternative thereto; (vi) consider, evaluate
and recommend to the MCC Board the approval and adoption of the forms, terms and provisions of any agreements relating to the
Proposed Business Combination or any alternative thereto; (vii) consider, evaluate, and recommend to the MCC Board the authorization
of the execution and delivery of any such agreements relating to the Proposed Business Combination or any alternative thereto;
and (viii) hire any advisors that it deems appropriate, including its own independent legal counsel and independent financial
advisor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the end of the June 19, 2018 MCC Board meeting, the MCC Special Committee held an in-person meeting, with representatives of Kramer
Levin, independent counsel to the MCC Special Committee, in attendance, during which the MCC Special Committee determined to retain
a financial advisor for the purpose of advising the MCC Special Committee. In addition, representatives of Kramer Levin reviewed
with the MCC Special Committee their fiduciary duties in connection with its evaluation and negotiation of the proposed MCC Merger
or any alternatives thereto. At the request of the MCC Special Committee, representatives of Kramer Levin also reviewed with the
MCC Special Committee potential conflicts and information relating to the equity ownership of members of Management in MCC, MDLY,
and Sierra. At the meeting, the MCC Special Committee also confirmed the continued engagement of Kramer Levin as independent legal
counsel to the MCC Special Committee in connection with the proposed MCC Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MCC Special Committee then held telephonic meetings on June 22, 2018 and June 25, 2018, at which discussions were held with representatives
of two financial advisory firms, including Sandler O&rsquo;Neill. During the meetings on June 22, 2018 and June 25, 2018, the
MCC Special Committee evaluated each financial advisory firm&rsquo;s experience and qualifications, the preliminary perspectives
regarding the Mergers, and in particular, the MCC Merger, provided by each firm and the experience of each team in the BDC market
and in the mergers and acquisitions field in general. The MCC Special Committee also assessed whether any of the firms had conflicts
that would disable it from rendering independent advice to the MCC Special Committee. Considering the factors described above,
and after follow up discussions with representatives of each financial advisor, the MCC Special Committee determined to authorize
the engagement of Sandler O&rsquo;Neill as financial advisor to assist the MCC Special Committee in its consideration of the proposed
transaction and any other alternatives. On June 29, 2018, the MCC Special Committee entered into a financial advisory engagement
letter with Sandler O&rsquo;Neill.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 11, 2018, the MCC Special Committee held an in-person meeting with representatives of Sandler O&rsquo;Neill and Kramer Levin
in attendance, at which the MCC Special Committee, with the assistance of Sandler O&rsquo;Neill and Kramer Levin, reviewed in
detail Management&rsquo;s initial framework. At the invitation of the MCC Special Committee and at the direction of MDLY, representatives
of Goldman Sachs were in attendance at this meeting. At the direction of MDLY, representatives of Goldman Sachs reviewed details
of the Proposed Business Combination under which two contemporaneous transactions would be cross-conditioned upon each other:
MCC would merge with and into Sierra, and Sierra would acquire MDLY through a merger of MDLY with and into a wholly-owned subsidiary
of Sierra. The MCC Merger would take the form of a stock-for-stock merger in which MCC Stockholders would receive Sierra Common
Stock in exchange for their existing shares of MCC Common Stock, and the MDLY Merger would include both cash and stock consideration
payable to the MDLY Stockholders. The proposed exchange ratio for the MCC Merger was 0.76 shares of Sierra Common Stock for each
share of MCC Common Stock, and in the proposed MDLY Merger, Sierra would acquire MDLY for $3.75 in cash consideration and 0.41
shares of Sierra Common Stock for each share of MDLY Class A Common Stock (the &ldquo;<B><I>Initial Proposal</I></B>&rdquo;).
During this meeting, representatives of Sandler O&rsquo;Neill reviewed background information regarding Sierra and MDLY and discussed
the structure of the proposed transaction, the transaction rationale and potential risks/challenges, corporate governance and
post-transaction arrangements with management. The MCC Special Committee discussed the challenges faced by MCC as a stand-alone
public company, including its size, the recent portfolio credit performance of MCC, significant declines in NAV and net income
and concerns over credit, leverage constraints on growth and difficulty in raising capital. The MCC Special Committee considered
potential benefits of the Mergers to MCC, including increased scale and portfolio diversification, a combined company with larger
market capitalization and thus potentially enhanced liquidity and a management structure more closely aligned with interests of
the MCC Stockholders since the investment adviser to the Combined Company would be wholly owned by the Combined Company. Representatives
of Kramer Levin discussed the SEC exemptive relief that would be required in order to consummate the proposed transaction. Kramer
Levin also reviewed and discussed with members of the MCC Special Committee their responsibilities and duties in considering the
proposed transaction and any alternatives to the proposed transaction. The MCC Special Committee requested Kramer Levin to conduct
due diligence to assist the MCC Special Committee&rsquo;s evaluation of the proposed transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 17, 2018, the MCC Special Committee met telephonically with the representatives of Sandler O&rsquo;Neill and Kramer Levin
to discuss a revision of the Initial Proposal conveyed by Mr. Taube and representatives of Goldman Sachs based on updated MCC
financial information (as of June 30, 2018) (the &ldquo;<B><I>Updated Proposal</I></B>&rdquo;). The Updated Proposal provided
for a stock-for-stock merger using an exchange ratio of 0.72 due to a decrease in MCC&rsquo;s NAV per share over the previous
quarter. Sandler O&rsquo;Neill discussed with the MCC Special Committee financial aspects of the Updated Proposal. The MCC Special
Committee preliminarily considered that the Updated Proposal (as well as the Initial Proposal) would result in dilution of NAV
per share of MCC Common Stock (although it would yield expected accretion to NII per share) and that there was no cash consideration
in the proposed transaction for MCC Stockholders. The MCC Special Committee also noted the expected cash needs of the Combined
Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 18, 2018, at the direction of the MCC Special Committee, representatives of Sandler O&rsquo;Neill and Kramer Levin met with
Brook Taube and relayed the MCC Special Committee&rsquo;s preliminary observations of the Updated Proposal to be communicated
to the MDLY Special Committee and the Sierra Special Committee. At the invitation of Mr. Taube, and on behalf of MDLY, representatives
of Goldman Sachs were in attendance at this meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 20, 2018, the MCC Special Committee met telephonically with representatives of Sandler O&rsquo;Neill and Kramer Levin, to
further discuss the MCC Special Committee&rsquo;s observations of the Updated Proposal. During this meeting, the MCC Special Committee
considered a potential response to the Updated Proposal, proposing that Sierra acquire MCC for stock and some cash so that the
aggregate value of the NAV of the Combined Company Common Stock received in the proposed transaction, plus cash received by MCC
Stockholders in the proposed transaction, would closely approximate MCC&rsquo;s NAV going into the proposed transaction (the &ldquo;<B><I>Counter-Proposal</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 23, 2018, the MCC Special Committee met telephonically with representatives of Sandler O&rsquo;Neill and Kramer Levin, and
reviewed with Sandler O&rsquo;Neill financial aspects of the Counter-Proposal, including its financial effects on MCC and the
Combined Company. The MCC Special Committee requested that Sandler O&rsquo;Neill to provide the written Counter-Proposal to representatives
of Goldman Sachs to be communicated to the MDLY Special Committee and the Sierra Special Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 26, 2018, the MCC Special Committee met telephonically with representatives of Sandler O&rsquo;Neill and Kramer Levin to
discuss the MDLY Special Committee&rsquo;s and the Sierra Special Committee&rsquo;s response to the Counter-Proposal (the &ldquo;<B><I>Sierra
Proposal</I></B>&rdquo;). The MCC Special Committee discussed the terms of the Sierra Proposal, which included a stock-for-stock
merger with a fixed exchange ratio that was slightly higher than that provided for in the Updated Proposal and a limit on the
maximum amount of payments under the Tax Receivable Agreement to Medley LLC Unitholders. The MCC Special Committee reviewed with
Sandler O&rsquo;Neill a comparison of the Counter-Proposal and the Sierra Proposal. The MCC Special Committee considered, among
other things, the potential financial impact of the Sierra Proposal on MCC and the MCC Stockholders and determined to reject the
Sierra Proposal, noting, in particular, the amount of NAV per share dilution that was expected to result therefrom. The MCC Special
Committee requested that Sandler O&rsquo;Neill provide a counter-proposal to the MDLY Special Committee and the Sierra Special
Committee proposing a stock-for-stock merger with Sierra with a higher exchange ratio (the &ldquo;<B><I>Second Counter-Proposal</I></B>&rdquo;).
The Second Counter-Proposal was provided by Sandler O&rsquo;Neill later that day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2018, at the direction of MDLY, representatives of Goldman Sachs communicated to Sandler O&rsquo;Neill MDLY&rsquo;s and
Sierra&rsquo;s response to the Second Counter-Proposal (the &ldquo;<B><I>Response Proposal</I></B>&rdquo;). Later that day, the
MCC Special Committee met telephonically with representatives of Sandler O&rsquo;Neill and Kramer Levin, to discuss the Response
Proposal. The MCC Special Committee discussed the terms of the Response Proposal, which included a stock-for-stock merger with
a fixed exchange ratio of 0.8050 (the &ldquo;<B><I>Updated Exchange Ratio</I></B>&rdquo;) and the complete elimination of the
annual tax receivables agreement. The MCC Special Committee reviewed with Sandler O&rsquo;Neill a comparison of the Second Counter-Proposal
and the Response Proposal and various alternative terms for the transactions. Sandler O&rsquo;Neill reviewed, in detail, with
the MCC Special Committee the potential financial benefit of eliminating the tax receivables agreement to the Combined Company
(and thus the MCC Stockholders).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 28, 2018, the MCC Special Committee met telephonically with representatives of Sandler O&rsquo;Neill and Kramer Levin, to
further discuss the Response Proposal. The MCC Special Committee reviewed the potential financial impact of the Response Proposal,
noting that although there remained some potential dilution of NAV per share of MCC Common Stock (approximately 8%), there was
an expected significant accretion in NII per share, which could help support the market value at which the Combined Company would
trade. The MCC Special Committee took into account that MCC Common Stock has traded at a discount to NAV of 30% or more. Based
on information reviewed with the MCC Special Committee by Sandler O&rsquo;Neill regarding public companies potentially comparable
to the Combined Company (all but one of which public companies appeared to trade at less of a discount to their NAV than MCC did
at that time), and the analyses that Management provided, the MCC Special Committee believed that the market appeared to ascribe
a far greater discount to MCC&rsquo;s NAV per share than what is reflected in the exchange ratio under the Response Proposal and
that the Combined Company appeared unlikely to trade at a discount to its NAV per share to the same extent as MCC. The MCC Special
Committee then considered the significant challenges currently facing MCC as a small stand-alone BDC with an NAV and NII per share
that have each been declining. After additional discussion, the Committee determined to proceed with further negotiations with
Sierra and MDLY, using the Response Proposal as a framework for the legal agreements among the parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 29, 2018, representatives of Eversheds Sutherland provided representatives of Kramer Levin drafts of the MCC Merger Agreement
and the MDLY Merger Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 2, 2018, the MCC Special Committee held an in-person meeting with representatives of Sandler O&rsquo;Neill and Kramer Levin
in attendance telephonically to discuss the MCC Merger Agreement and the MDLY Merger Agreement. Representatives of Kramer Levin
summarized the material terms of the proposed MCC Merger Agreement and the MDLY Merger Agreement and reported on several provisions
that Kramer Levin viewed as requiring negotiation, including deal protections and termination rights. Also at this meeting, representatives
of Sandler O&rsquo;Neill updated the MCC Special Committee on the status of its analyses, its discussions with Management and
its review of additional cost saving synergies projected by Management to be realized by the Combined Company. Representatives
of Kramer Levin and Sandler O&rsquo;Neill also discussed regulatory and governmental approvals that would be required in order
to complete the proposed transactions and the timing and processes required for such approvals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the next several days, representatives of each of Eversheds Sutherland, Potter Anderson, S&amp;W and Kramer Levin, together with
representatives of the MCC Special Committee, the Sierra Special Committee and the MDLY Special Committee, engaged in extensive
discussions and negotiations concerning, and exchanged numerous revised drafts of, the proposed MCC Merger Agreement and the MDLY
Merger Agreement. Such discussions and negotiations included the issues that the MCC Special Committee had identified previously
as necessitating additional consideration, including a discussion of the amount of the termination fee and various closing conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 6, 2018, the MCC Special Committee met telephonically with representatives of Sandler O&rsquo;Neill and Kramer Levin, and
representatives of Kramer Levin summarized material terms of the proposed MCC Merger Agreement and MDLY Merger Agreement still
under negotiation and provided an update on the process for obtaining SEC exemptive relief and other approvals that would be required
in order to complete the proposed transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 8, 2018, the MCC Special Committee met telephonically with representatives of Sandler O&rsquo;Neill and Kramer Levin, and
representatives of Sandler O&rsquo;Neill reviewed Sandler O&rsquo;Neill&rsquo;s preliminary financial analyses relating to the
Updated Exchange Ratio to be received by the MCC Stockholders in connection with the proposed transaction with Sierra. Representatives
of Kramer Levin summarized the material terms of the updated proposed MCC Merger Agreement and the MDLY Merger Agreement reflecting
the most recent negotiations, and reported on the resolution of various issues during the course of negotiations with Eversheds
Sutherland, Potter Anderson and S&amp;W. Representatives of Kramer Levin also updated the MCC Special Committee regarding outstanding
issues that remained subject to further negotiations with Sierra and MDLY. Sandler O&rsquo;Neill also updated the MCC Special
Committee on the status of its financial analyses, which were substantially complete. The MCC Special Committee further discussed
the potential benefits of the Mergers to MCC and the holders of MCC Common Stock and also considered various risks/challenges
posed by the proposed transaction (as identified below under &ldquo;<U>Reasons for the Mergers</U> - <U>MCC&rsquo;s Reasons for
the Transactions</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 9, 2018, the MCC Special Committee met telephonically to consider the most recently updated MCC Merger Agreement (reflecting
the most recent negotiations), the proposed transactions contemplated therein, including the MCC Merger, and related matters.
Representatives of Kramer Levin reviewed with the MCC Special Committee the most recent updated MCC Merger Agreement and the MDLY
Merger Agreement. Representatives of Kramer Levin also discussed their due diligence review of MCC, Sierra and MDLY to date, reviewed
the processes undertaken by the MCC Special Committee in its consideration of the proposed transactions and potential alternatives,
and reviewed again the duties of the members of the MCC Special Committee in connection with such consideration. Representatives
of Kramer Levin then reviewed with the MCC Special Committee the management compensation assessment prepared by the Sierra Special
Committee&rsquo;s independent compensation consultant concerning the reasonableness of the Combined Company&rsquo;s contemplated
compensation arrangements for MDLY&rsquo;s executive officers and other employees to become effective upon closing of the Mergers.
Sandler O&rsquo;Neill presented its updated financial analyses relating to the Updated Exchange Ratio. In addition, Sandler O&rsquo;Neill
rendered to the MCC Special Committee its opinion, initially rendered verbally and confirmed by delivery of a written opinion
to the MCC Special Committee, dated August 9, 2018, to the effect that as of that date and based upon and subject to various assumptions,
matters considered and limitations described in its opinion, the MCC Merger Consideration was fair to the holders of MCC Common
Stock (other than Sierra, MDLY and their respective affiliates) from a financial point of view. Following a further discussion,
the MCC Special Committee determined that the proposed MCC Merger was in the best interests of MCC Stockholders and unanimously
recommended that the MCC Board approve the MCC Merger Agreement and the transactions contemplated thereby, including the MCC Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later
on August 9, 2018, the MCC Board, including all members of the MCC Special Committee, met telephonically to consider and act on
the MCC Merger Agreement, the transactions contemplated thereby, including the MCC Merger, and related matters. The Chair of the
MCC Special Committee reported on the MCC Special Committee&rsquo;s actions taken and recommendations made earlier in the day.
After further discussion, on the basis of the MCC Special Committee&rsquo;s recommendation, the MCC Board unanimously: determined
that the MCC Merger Agreement and the transactions contemplated thereby, including the MCC Merger, were fair to and in the best
interests of MCC and the MCC Stockholders, declared advisable the MCC Merger Agreement and the transactions contemplated thereby,
including the MCC Merger, directed that the MCC Merger Agreement and the MCC Merger be submitted to the MCC Stockholders for approval
and resolved to recommend that the MCC Stockholders vote to approve the MCC Merger Agreement and the transactions contemplated
thereby, including the MCC Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>i.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Summary
                                         of Financial Presentation by Sandler O&rsquo;Neill, dated August 9, 2018, to the MCC Special Committee</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"> In rendering its
opinion, dated August 9, 2018, Sandler O&rsquo;Neill performed a variety of financial analyses. The brief summary below is not
a complete description of all the analyses underlying Sandler O&rsquo;Neill&rsquo;s opinion in <U>Appendix C</U> attached hereto
or the presentation made by Sandler O&rsquo;Neill to the MCC Special Committee, but is a summary of the material analyses performed
and presented by Sandler O&rsquo;Neill. The preparation of a fairness opinion is a complex process involving subjective judgments
as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances.
The process, therefore, is not necessarily susceptible to a partial analysis or summary description. Sandler O&rsquo;Neill believes
that its analyses must be considered as a whole and that selecting portions of the factors and analyses to be considered without
considering all factors and analyses, or attempting to ascribe relative weights to some or all such factors and analyses, could
create an incomplete view of the evaluation process underlying its opinion. Also, no company included in Sandler O&rsquo;Neill&rsquo;s
comparative analyses described below is identical to MCC or Sierra and no transaction is identical to the MCC Merger. Accordingly,
an analysis of comparable companies or transactions involves complex considerations and judgments concerning differences in financial
and operating characteristics of the companies and other factors that could affect the public trading values or merger transaction
values, as the case may be, of MCC and Sierra and the companies to which they were compared. In arriving at its opinion, Sandler
O&rsquo;Neill did not attribute any particular weight to any analysis or factor that it considered. Rather, Sandler O&rsquo;Neill
made qualitative judgments as to the significance and relevance of each analysis and factor. Sandler O&rsquo;Neill did not form
an opinion as to whether any individual analysis or factor (positive or negative) considered in isolation supported or failed
to support its opinion, rather, Sandler O&rsquo;Neill made its determination as to the fairness of the MCC Merger Consideration
to the holders of MCC Common Stock (other than Sierra, MDLY, and their respective affiliates) on the basis of its experience and
professional judgment after considering the results of all its analyses taken as a whole. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In performing its
analyses, Sandler O&rsquo;Neill also made numerous assumptions with respect to industry performance, business and economic conditions
and various other matters, many of which cannot be predicted and are beyond the control of MCC, Sierra, MDLY and Sandler O&rsquo;Neill.
The analyses performed by Sandler O&rsquo;Neill are not necessarily indicative of actual values or future results, both of which
may be significantly more or less favorable than suggested by such analyses. Sandler O&rsquo;Neill prepared its analyses solely
for purposes of rendering its opinion and provided such analyses to the MCC Special Committee at its August 9, 2018 meeting. Estimates
of the values of companies do not purport to be appraisals or necessarily reflect the prices at which companies or their securities
may actually be sold. Such estimates are inherently subject to uncertainty and actual values may be materially different. Accordingly,
Sandler O&rsquo;Neill&rsquo;s analyses do not necessarily reflect the value of MCC Common Stock or Sierra Common Stock or the
prices at which MCC Common Stock or Sierra Common Stock may be sold at any time. The analyses of Sandler O&rsquo;Neill and its
opinion were among a number of factors taken into consideration by the MCC Special Committee in making its determination to approve
of MCC&rsquo;s entry into the MCC Merger Agreement and the analyses described below should not be viewed as determinative of the
decision of the MCC Special Committee, the MCC Board or MCC&rsquo;s management with respect to the fairness of the MCC Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In arriving at its
opinion Sandler O&rsquo;Neill did not attribute any particular weight to any analysis or factor that it considered. Rather it
made qualitative judgments as to the significance and relevance of each analysis and factor. Sandler O&rsquo;Neill did not form
an opinion as to whether any individual analysis or factor (positive or negative) considered in isolation supported or failed
to support its opinions; rather, Sandler O&rsquo;Neill made its determination as to the fairness of the MCC Merger Consideration
on the basis of its experience and professional judgment after considering the results of all its analyses taken as a whole.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Comparable Company Analysis&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">Sandler
O&rsquo;Neill used publicly available information to compare selected financial information for MCC with two groups of BDCs selected by Sandler O&rsquo;Neill. One group consisted of the following 39 BDCs
publicly traded on the NYSE or NASDAQ (&ldquo;<B><I>Comparable Company Group 1</I></B>&rdquo;) and the other
group consisted of the following three senior / floating fund BDCs (&ldquo;<B><I>Comparable Company
Group 2</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 52%; padding-left: 10pt; text-indent: -10pt"><I>Comparable
    Company Group 1:</I></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Alcentra Capital Corp.</TD>
    <TD STYLE="white-space: nowrap">Main Street Capital Corporation</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Apollo Investment Corporation</TD>
    <TD STYLE="white-space: nowrap">Medallion Financial Corp.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Ares Capital Corporation</TD>
    <TD STYLE="white-space: nowrap">Monroe Capital Corp.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">BlackRock Capital Investment Corporation</TD>
    <TD STYLE="white-space: nowrap">New Mountain Finance Corporation</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Capitala Finance Corp.</TD>
    <TD STYLE="white-space: nowrap">Newtek Business Services Corp.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">CM Finance</TD>
    <TD STYLE="white-space: nowrap">OFS Capital Corp.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Corporate Capital Trust</TD>
    <TD STYLE="white-space: nowrap">OHA Investment Corp</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Fidus Investment Corporation</TD>
    <TD STYLE="white-space: nowrap">PennantPark Investment Corporation</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Firsthand Technology Value Fund, Inc.</TD>
    <TD STYLE="white-space: nowrap">Prospect Capital Corporation</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">FS Investment Corporation</TD>
    <TD STYLE="white-space: nowrap">Saratoga Investment Corp.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Garrison Capital Inc.</TD>
    <TD STYLE="white-space: nowrap">Solar Capital Ltd.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Gladstone Capital Corporation</TD>
    <TD STYLE="white-space: nowrap">Stellus Capital Investment Corporation</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Gladstone Investment Corporation</TD>
    <TD STYLE="white-space: nowrap">TCG BDC</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Goldman Sachs BDC, Inc.</TD>
    <TD STYLE="white-space: nowrap">TCP Capital Corp.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Golub Capital BDC, Inc.</TD>
    <TD STYLE="white-space: nowrap">THL Credit, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">GSV Capital Corp.</TD>
    <TD STYLE="white-space: nowrap">Tortoise Pipeline &amp; Energy Fund, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Harvest Capital Credit Corporation</TD>
    <TD STYLE="white-space: nowrap">TPG Specialty Lending</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">Hercules Technology Growth Capital, Inc.</TD>
    <TD STYLE="white-space: nowrap">TriplePoint Venture Growth BDC</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Horizon Technology Finance Corporation</TD>
    <TD STYLE="white-space: nowrap">WhiteHorse Financial Inc.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap">KCAP Financial, Inc.</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="white-space: nowrap"><I>Comparable Company Group 2:</I></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">American Capital Senior Floating</TD>
    <TD>Solar Senior Capital Ltd.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Pennant Park Floating Rate Capital</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">To
the extent publicly available, the analysis compared financial information for MCC and the comparable companies as of or for the
period ended June 30, 2018 and market performance data for MCC and the comparable companies based on market prices as of August
8, 2018, publicly available financial information as of or for the period ended June 30, 2018 and consensus research analysts
earnings per share (&ldquo;<B><I>EPS</I></B>&rdquo;) estimates for the calendar years 2018 and 2019. The analysis compared the
stock price-to-NAV multiple for MCC of 0.53x to the corresponding median and mean multiples for Comparable Company Group 1 of
0.96x and 0.93x, respectively, and the corresponding median and mean multiples for Comparable Company Group 2 of 0.98x and 0.98x,
respectively. The analysis compared the stock price-to-2018 EPS multiple for MCC of 12.6x to the corresponding median and mean
multiples for Comparable Company Group 1 of 10.1x and 10.0x, respectively, and the corresponding median and mean multiples for
Comparable Company Group 2 of 12.1x and 11.4x, respectively. The analysis also compared the stock price-to-2019 EPS multiple for
MCC of 10.0x to the corresponding median and mean multiples for Comparable Company Group 1 of 9.7x and 10.1x, respectively, and
the corresponding mean and median multiples for Comparable Company Group 2 of 11.7x and 11.7x, respectively. In addition, the
analysis compared the current dividend yield for MCC of 11.8% to the corresponding median and mean yields for Comparable Company
Group 1 of 9.6% and 9.3%, respectively, and the corresponding median and mean yields for Comparable Company Group 2 of 8.3% and
8.2%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>MCC&mdash;Analysis at Various
Multiples&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">Sandler
O&rsquo;Neill performed an analysis that calculated per share implied prices of MCC Common Stock and corresponding aggregate implied
MCC equity values by applying various illustrative stock price-to-NAV per share multiples ranging from 0.50x to 1.00x
to the reported standalone NAV per share as of June 30, 2018 of MCC. This analysis indicated per share implied prices
of MCC Common Stock ranging from $3.21 to $6.43 and corresponding aggregate implied MCC equity values ranging from $175.1 million
to $350.2 million. Sandler O&rsquo;Neill then calculated various implied standalone metrics using certain financial projections
for MCC for the calendar years 2018 and 2019 provided by MDLY management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Sierra&mdash;Analysis at
Various Multiples&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"> Sandler
O&rsquo;Neill performed an analysis that calculated per share implied prices of Sierra Common Stock and corresponding aggregate
implied Sierra equity values, by applying various illustrative stock price-to-NAV per share multiples ranging from 0.50x to 1.00x
to the reported standalone NAV per share as of June 30, 2018 of Sierra. This analysis indicated per share implied prices of Sierra
Common Stock ranging from $3.64 to $7.27 and corresponding aggregate implied Sierra equity values ranging from $352.0 million
to $704.0 million. Sandler O&rsquo;Neill then calculated various implied standalone metrics using certain financial projections
for Sierra for the calendar years 2018 and 2019 provided by MDLY management: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Precedent Transactions Analysis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">Sandler
O&rsquo;Neill reviewed the following seven selected mergers and acquisitions involving  BDCs announced
between August 3, 2009 and July 23, 2018:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white"><I>Buyer/Target</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">FS Investment Corporation
/ Corporate Capital Trust Inc.<BR>
Benefit Street Partners LLC / Triangle Capital Corporation<BR>
CION Investment Corp. / Credit Suisse Park View BDC, Inc.<BR>
Ares Capital Corporation / American Capital, LTD<BR>
PennantPark Floating Rate Capital / MCG Capital Corporation<BR>
Ares Capital Corporation / Allied Capital Corporation<BR>
Prospect Capital Corporation / Patriot Capital Funding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">Using
the latest publicly available information prior to the announcement of the relevant transaction, Sandler
O&rsquo;Neill reviewed the following transaction metrics: transaction price to NAV, transaction price to
year-to-date (&ldquo;<B><I>YTD</I></B>&rdquo;) net investment income (annualized) and 1-day market premium. Sandler
O&rsquo;Neill reviewed the high, median, mean and low transaction price to NAV multiples for the selected transactions of
1.00x, 0.86x, 0.79x and 0.52x, respectively. Sandler O&rsquo;Neill also reviewed the high, median, mean and low transaction
price to YTD net investment income (annualized) multiples for the selected transactions of 14.44x, 11.32x, 10.28x, and
4.29x, respectively. In addition, Sandler O&rsquo;Neill reviewed the high, median, mean and low 1-day market premiums for the
selected transactions of 105.20%&#9;, 15.80%, 32.22% and 1.70%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">Sandler
O&rsquo;Neill then derived implied values per share of MCC Common Stock by applying the above high, median, mean and
low metrics of the selected transactions to MCC&rsquo;s reported standalone NAV per share as of June 30, 2018, YTD
net investment income (annualized) as of June 30, 2018 and closing stock price on August 8, 2018. The analysis indicated
implied values per share of MCC Common Stock based on the high, median, mean and low transaction price to NAV multiples for
the selected transactions of $6.42, $5.53, $5.09 and $3.34, respectively. The analysis also indicated implied values per
share of MCC Common Stock based on the high, median, mean and low transaction price to YTD net investment income (annualized)
multiples for the selected transactions of $4.03, $3.16, $2.87 and $1.20, respectively. In addition, the analysis indicated
implied values per share of MCC Common Stock based on the high, median, mean and low high, median, mean and low 1-day market
premiums for the selected transactions of $7.00, $3.95, $4.51 and $3.47, respectively.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Pro
Forma Merger Analysis</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sandler
O&rsquo;Neill analyzed certain potential pro forma effects of the Mergers. Sandler O&rsquo;Neill utilized certain financial projections
for MCC, Sierra and MDLY for the calendar years 2018 and 2019 and certain assumptions relating to cost savings, purchase accounting
adjustments, transaction expenses and tax benefits, all as provided by the senior management of MDLY. The analysis indicated that
the Mergers could be accretive to Sierra&rsquo;s 2019 estimated net investment income by approximately 15.7%. This analysis also
indicated that, based on Sierra&rsquo;s projected pro forma financial results attributable to a share of MCC Common Stock using
the 0.805x exchange ratio in the MCC Merger, the Mergers could be accretive relative to MCC&rsquo;s 2019 estimated net investment
income by approximately 29.86% (or 18.52% assuming for informational purposes at the request of the MCC Special Committee that
MDLY&rsquo;s projected financial performance in calendar year 2019 remained the same as it was projected to be in calendar year
2018) and dilutive relative to MCC&rsquo;s reported NAV per share as of June 30, 2018 by approximately 8.25%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this analysis, Sandler O&rsquo;Neill considered and discussed with the MCC Special Committee how the analysis
would be affected by changes in the underlying assumptions, including the impact of final purchase accounting adjustments determined
at the closing of the Merger, and noted that the actual results achieved by the Combined Company may vary from projected results
and the variations may be material.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_25"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>MDLY</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 15, 2018, an agenda and related materials was provided to members of the MDLY Board for a meeting to be held on June 18,
2018, for the purpose of discussing a proposed strategic transaction involving MDLY, Sierra and MCC. On June 16, 2018, Mr. John
Fredericks contacted representatives of Potter Anderson, independent counsel to the MDLY Special Committee, to discuss the proposed
transaction, informed them that the contemplated transaction was conditioned on approval of the MDLY Special Committee and invited
them to attend the June 18, 2018 meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the June 18, 2018 meeting of the MDLY Board, Mr. Taube and, at the direction of MDLY, representatives of Goldman Sachs, reviewed
in detail a preliminary framework for relating to the Proposed Business Combination through two contemporaneous transactions that
would be cross-conditioned upon each other. The terms of the preliminary framework were intended to facilitate negotiations among
the respective special committees of the boards of directors of MDLY, Sierra and MCC. Pursuant to the Proposed Business Combination,
MCC would merge with and into Sierra, and Sierra would acquire MDLY through a merger of MDLY with and into a wholly-owned subsidiary
of Sierra. The MCC Merger would take the form of a stock-for-stock merger in which MCC Stockholders would receive Sierra Common
Stock in exchange for their existing shares of MCC Common Stock, and the MDLY Merger would include both cash and stock consideration
payable to the MDLY Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
proposed exchange ratio for the MCC Merger discussed was 0.76 shares of Sierra Common Stock for each share of MCC Common Stock.
In the proposed MDLY Merger, Sierra would acquire MDLY for $3.75 in cash consideration and 0.41 shares of Sierra Common Stock
for each share of MDLY Class A Common Stock. Next, Management and representatives of Goldman Sachs provided an overview of the
potential benefits of the Mergers, including that the Mergers would: (i) create the second largest internally managed and seventh
largest publicly traded BDC, (ii) result in a simplified organizational structure allowing for significant reductions in fixed
costs and expenses, and (iii) result in a significant increase in equity market liquidity for the stockholders of each of Sierra,
MCC and MDLY. Following that discussion, Eversheds Sutherland discussed the SEC exemptive relief that would be required in order
to consummate the proposed Mergers. Management confirmed to the MDLY Special Committee that any proposal circulated by or on behalf
of Management or MDLY to either MCC or Sierra would not be considered final unless and until the MDLY Special Committee approved
such proposal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MDLY Board discussed the scope of the authority granted to the MDLY Special Committee. The MDLY Board granted the MDLY Special
Committee the authority to, among other things: (i) evaluate and review the terms and conditions of the Proposed Business Combination
or any alternative thereto; (ii) consider, evaluate, review, and communicate and negotiate (or direct the communication or negotiation)
with respect to the terms and conditions of the Proposed Business Combination or any alternative thereto; (iii) determine whether
the Proposed Business Combination or any alternative thereto is advisable and is fair to, and in the best interests of MDLY and
its stockholders; (iv) recommend to the MDLY Board the rejection or approval and effectuation of the Proposed Business Combination
or any alternative thereto; (v) consider, evaluate, review and monitor all proceedings and activities of MDLY related to the Proposed
Business Combination or any alternative thereto; (vi) consider, evaluate and recommend to the MDLY Board the approval and adoption
of the forms, terms and provisions of any agreements relating to the Proposed Business Combination or any alternative thereto;
(vii) consider, evaluate, and recommend to the MDLY Board the authorization of the execution and delivery of any such agreements
relating to the Proposed Business Combination or any alternative thereto; and (viii) hire any advisors that it deemed appropriate,
including its own independent legal counsel and independent financial advisor.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 20, 2018, the MDLY Special Committee held a telephonic meeting with representatives from Potter Anderson to discuss strategy,
timing, and process with respect to the proposed Mergers, including the engagement of a financial advisor to assist the MDLY Special
Committee in evaluating and negotiating the framework discussed during the June 18, 2018 meeting of the MDLY Board. At the meeting,
the MDLY Special Committee and representatives of Potter Anderson discussed the previous efforts of MDLY to date in seeking a
potential buyer for MDLY or its assets, including the abandoned transaction with Party X. The MDLY Special Committee and representatives
of Potter Anderson also discussed the expansion of the scope of the MDLY Special Committee&rsquo;s authority, as discussed during
the June 18, 2018 meeting. In addition, representatives of Potter Anderson reviewed with the MDLY Special Committee their fiduciary
duties in connection with its evaluation and negotiation of the proposed MDLY Merger or any alternatives thereto. At the request
of the MDLY Special Committee, representatives of Potter Anderson also reviewed with the MDLY Special Committee potential conflicts
and information relating to the equity ownership of members of Management in MDLY, Sierra, and MCC. The potential conflicts of
interests discussed included the fact that certain members of Management have individual interests in the Medley LLC Units and
shares of MCC Common Stock, voting power over approximately 14% of the outstanding shares of MCC Common Stock held by Medley Seed
Funding I LLC, contractual rights under the Tax Receivable Agreement, and that members of Management likely would continue their
employment with the Combined Company. At the meeting, the MDLY Special Committee also confirmed the continued engagement of Potter
Anderson as independent legal counsel to the MDLY Special Committee in connection with the proposed MDLY Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later
on June 20, 2018, at the request of the MDLY Special Committee, Potter Anderson sent Eversheds Sutherland draft authorizing resolutions
of the MDLY Board, which were consistent with the discussions of the MDLY Board at its June 18, 2018 meeting, and which empowered
the MDLY Special Committee to, among other things, consider, evaluate, review, and negotiate the terms and conditions of the proposed
MDLY Merger or any alternative thereto, with the MDLY Board agreeing not to recommend or approve the proposed MDLY Merger or any
alternative thereto without a prior favorable recommendation from the MDLY Special Committee. The formal resolutions delegating
authority to the MDLY Special Committee were adopted by the MDLY Board on June 18, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 21, 2018, representatives of Potter Anderson, on behalf of the MDLY Special Committee, held a teleconference with Mr. Fredericks
and representatives of Eversheds Sutherland to obtain additional information on behalf of the MDLY Special Committee following
its June 20, 2018 meeting with respect to the structure of the proposed MDLY Merger. On the call, representatives of Eversheds
Sutherland stated that the members of Management that hold shares of MDLY Class B Common Stock through their ownership of units
of Medley Group LLC (which shares collectively represent a super-majority of the aggregate voting power of the MDLY Common Stock),
were not willing to condition the proposed MDLY Merger upon the approval of a majority of the unaffiliated MDLY Stockholders due
to the relatively small ownership interest (approximately 18.3%) and voting power (approximately 2.2%) that such holders have
in MDLY. On June 24, 2018, representatives of Potter Anderson, on behalf of the MDLY Special Committee, and representatives of
Eversheds Sutherland held a follow-up teleconference. On that call, representatives of Eversheds Sutherland (i) informed representatives
of Potter Anderson that MCC and Sierra had established the MCC Special Committee and the Sierra Special Committee, respectively,
to evaluate and negotiate the proposed Mergers, (ii) clarified portions of the framework regarding the proposed value and allocation
of consideration to MDLY Stockholders in the proposed MDLY Merger, including, among other things, certain contemplated tax obligations
payable by the unitholders of Medley Group LLC, in response to questions put to them by Potter Anderson, (iii) reviewed the terms
of the advisory agreements between certain subsidiaries of MDLY and MCC and Sierra, respectively, and (iv) discussed the potential
impact of the proposed MDLY Merger under the Tax Receivable Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 25, 2018, the MDLY Special Committee held a telephonic meeting with representatives of Potter Anderson. During the meeting,
Potter Anderson provided the MDLY Special Committee with additional information with respect to the background and structure of
the proposed Mergers, as communicated by Mr. Fredericks and representatives of Eversheds Sutherland to representatives of Potter
Anderson on June 21, 2018 and June 24, 2018 in addition to what was reflected in the written materials delivered to the MDLY Special
Committee. The MDLY Special Committee and representatives of Potter Anderson also discussed Management&rsquo;s position (in its
capacity as MDLY&rsquo;s controlling stockholder) that the proposed MDLY Merger would not be conditioned on approval of a majority
of the unaffiliated MDLY Stockholders due to the relatively small ownership interest (approximately 18.3 %) and voting power (approximately
2.2%) that such holders have in MDLY. The MDLY Special Committee also discussed retention of an independent financial advisor
and authorized Mr. Leeds to contact potential financial advisors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 29, 2018, the MDLY Board held a meeting for the purpose of receiving an update from Management on the proposed Mergers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 29, 2018, representatives of Potter Anderson held a teleconference with a potential financial advisor for the MDLY Special
Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
each of June 29, 2018 and July 1, 2018, representatives of Potter Anderson and representatives of Eversheds Sutherland held a
teleconference to discuss certain regulatory approvals that may be required in connection with the proposed Mergers. On July 2,
2018, an updated framework with respect to the proposed Mergers was delivered by Management to the MDLY Special Committee and
Potter Anderson by Management. The July 2, 2018 framework provided that, consistent with the preliminary framework, as consideration
for their shares of MDLY Class A Common Stock, MDLY Stockholders would receive per share $3.75 cash consideration and 0.41 shares
of Sierra Common Stock. The July 2, 2018 framework also included information with respect to the proposed compensation of certain
key executives (Brook Taube, Seth Taube, Jeff Tonkel, Richard T. Allorto, Jr., and John D. Fredericks) at the pro forma entity.
With respect to the proposed MCC Merger, which was structured as a stock-for-stock merger, MCC Stockholders would receive Sierra
Common Stock in exchange for their existing shares of MCC Common Stock using an exchange ratio of 0.76.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 3, 2018, Mr. Eaton and representatives of Potter Anderson held a teleconference to discuss the potential engagement of an
independent financial advisor for the purpose of advising the MDLY Special Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 5, 2018, Mr. Eaton and representatives of Potter Anderson held a teleconference with Barclays Capital Inc. (&ldquo;<B><I>Barclays</I></B>&rdquo;)
to discuss its potential engagement as the independent financial advisor to the MDLY Special Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later
on July 5, 2018, the MDLY Special Committee held a telephonic meeting with representatives of Potter Anderson to discuss the MDLY
Board meeting held on June 29, 2018 and the July 2, 2018 framework. In addition, the MDLY Special Committee discussed the engagement
of an independent financial advisor. During the meeting, Potter Anderson reviewed with the MDLY Special Committee the proposed
engagement letter from the potential financial advisor with whom Mr. Leeds and Potter Anderson had spoken. Potter Anderson and
Mr. Eaton also provided an overview of their earlier teleconference with Barclays.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 6, 2018, the MDLY Board held a meeting for the purpose of receiving an update from Management on the proposed Mergers and
an update on a memorandum setting forth the terms of the SEC exemptive relief that would be required for the proposed transaction
to be permitted under the 1940 Act. Mr. Taube, who attended the meeting, noted that both the MCC Special Committee and the Sierra
Special Committee had been actively considering the proposed Mergers. In addition, the MCC Special Committee and the Sierra Special
Committee had each retained the services of an independent financial advisor. Next, representatives of Eversheds Sutherland, who
attended the meeting, discussed the SEC exemptive relief that would be required in order to consummate the proposed Mergers. Representatives
of Eversheds Sutherland discussed the active and ongoing dialogue with the SEC and informed the MDLY Special Committee that a
memorandum describing such relief was submitted to the SEC on July 5, 2018. Management noted that the MDLY Special Committee would
be kept apprised on any response from the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 10, 2018, the MDLY Special Committee held a telephonic meeting with representatives of Potter Anderson to further discuss
engagement of an independent financial advisor, including to review the proposals received from the two potential financial advisors.
The MDLY Special Committee evaluated their respective qualifications and levels of experience in evaluating BDCs and in mergers
and acquisitions generally and whether either potentially had conflicts that would compromise its ability to render independent
advice. The MDLY Special Committee determined at the meeting that it was inclined to hire Barclays as its independent financial
advisor. The MDLY Special Committee, with the assistance of representatives of Potter Anderson, also reviewed the prior efforts
of MDLY in seeking a potential buyer for MDLY or its assets and requested that Potter Anderson follow up with Eversheds Sutherland
and Management to obtain updated information regarding prior and ongoing discussions with third parties relating to potential
alternative transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later
on July 10, 2018, the MDLY Special Committee, representatives of Potter Anderson, and representatives of Barclays held a telephonic
meeting. At this meeting, the MDLY Special Committee assessed whether Barclays had any conflicts that potentially would compromise
its ability to provide the MDLY Special Committee with independent advice and otherwise assessed Barclays&rsquo; experience and
qualifications. On the call, representatives of Barclays discussed, among other things, Barclays&rsquo; historic relationships
and experiences with MDLY, MCC and Sierra. After Barclays left the call, the MDLY Special Committee determined that Barclays was
independent for purposes of serving as the MDLY Special Committee&rsquo;s independent financial advisor. Considering the factors
described above, the MDLY Special Committee agreed to retain Barclays as the MDLY Special Committee&rsquo;s independent financial
advisor, subject to the execution of an engagement letter and obtaining further details on Barclays&rsquo; historic relationships
and experiences with MDLY, MCC and Sierra.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also
on July 10, 2018, Management provided the members of the MDLY Special Committee with a preliminary summary of prior and ongoing
discussions between MDLY and third parties relating to potential alternative transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 12, 2018, at the direction of MDLY, representatives of Goldman Sachs delivered an updated framework for the proposed Mergers
to the members of the MDLY Special Committee and Potter Anderson. The July 12, 2018 framework contemplated that, as consideration
for their shares of MDLY Class A Common Stock in the proposed MDLY Merger, MDLY Stockholders would receive, per share, $3.75 cash
consideration and 0.43 shares of Sierra Common Stock. In addition, the proposed framework proposed a stock-for-stock merger of
Sierra and MCC in which the MCC Stockholders would receive Sierra Common Stock in exchange for their existing shares of MCC Common
Stock using an exchange ratio of 0.76.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 13, 2018, representatives of Potter Anderson and Barclays held a teleconference with Mr. Taube and representatives of Goldman
Sachs, during which Mr. Taube and, at the direction of MDLY, representatives of Goldman Sachs reviewed the July 12, 2018 framework
and answered questions posted to them in relation thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 17, 2018, the MDLY Special Committee held a telephonic meeting with representatives of Potter Anderson and Barclays to discuss
the July&nbsp;12, 2018 framework. Representatives of Potter Anderson summarized their July 13, 2018 call with Mr. Taube and representatives
of Goldman Sachs. The MDLY Special Committee also discussed the prior sales processes and bidder outreach conducted by MDLY and
requested that Potter Anderson and Barclays follow-up with Management, representatives of Goldman Sachs, and Eversheds Sutherland
to obtain additional information regarding such prior sales processes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 18, 2018, the MDLY Special Committee held a telephonic meeting with representatives of Potter Anderson and Barclays to discuss
Barclays&rsquo; formal retention. &nbsp;As part of those discussions, Barclays reviewed with the MDLY Special Committee its historic
relationships and experiences with MDLY, Sierra and MCC. &nbsp; Barclays informed the MDLY Special Committee that on separate
occasions in 2017, Barclays&rsquo; deal team members advising the MDLY Special Committee provided financial advisory services
to two separate potential buyers of MDLY related to an acquisition of MDLY. &nbsp;Following a discussion of Barclays&rsquo; relationship
disclosure and potential conflicts, the MDLY Special Committee confirmed its belief that Barclays was independent for purposes
of representing the MDLY Special Committee in connection with the proposed MDLY Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later
on July 18, 2018, Mr. Taube informed the MDLY Special Committee by email that he would like to schedule a meeting of the MDLY
Board on July 20, 2018 to provide an update on the Sierra Special Committee and the MCC Special Committee processes in connection
with the proposed Mergers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the July 20, 2018 MDLY Board meeting, Mr. Taube provided the MDLY Board with an update on the proposed Mergers<FONT STYLE="background-color: white">.
Mr. Taube noted that each of the other parties had substantially completed diligence with only a narrow list of open items that
needed to be addressed from a diligence standpoint. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">With
respect to the price per share that the MDLY Stockholders could expect to receive for their shares, Mr. Taube noted that, based
on Management&rsquo;s discussions with the MCC Special Committee and the MDLY Special Committee, $7.00 per share of MDLY Class
A Common Stock was likely too high of a price point for MCC and Sierra, and that a price in the range of $5.00 to $6.00 per share
would be more likely agreeable to the MCC Special Committee and the Sierra Special Committee. Mr. Taube stated that in his view,
there was currently a clear path forward if the MDLY Special Committee was willing to proceed with a deal that would entail a
share price in the low $6.00 range. Mr. Taube stated that it appeared likely that Management would need to forfeit a portion of
its rights under the Tax Receivable Agreement. In that regard, Mr. Taube proposed that Management would give up at least a portion
of the Tax Receivable Agreement in order to get the highest price point possible for shares of MDLY Class A Common Stock, though
$7.00 would still not be likely agreeable to the MCC Special Committee and the Sierra Special Committee. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Mr.
Taube then walked through the form of consideration that MDLY Stockholders could expect to receive, explaining that MDLY Stockholders
would likely receive over $3.50 per share in cash, with the remaining consideration consisting of stock in the Combined Company.
This would result in a premium to MDLY&rsquo;s current market value of approximately 70%. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
following the MDLY Board meeting, on July 20, 2018, the MDLY Special Committee held a telephonic meeting with representatives
of Potter Anderson and Barclays. After a discussion of the concerns raised by the Sierra Special Committee and the MCC Special
Committee, the MDLY Special Committee instructed Barclays to obtain further information regarding the Sierra Special Committee&rsquo;s
bases for Sierra&rsquo;s valuation of the MDLY Class A Common Stock. The MDLY Special Committee also discussed additional transaction
considerations including imposing certain parameters around post-closing compensation for members of management of the Combined
Company, potential additional procedural protections, and other options regarding the structure of the consideration to be paid
to the unaffiliated MDLY Stockholders, including broader election rights for the unaffiliated MDLY stockholders with respect to
consideration. The MDLY Special Committee discussed possible sources of additional value for the unaffiliated MDLY Stockholders
and instructed Barclays to request that the Medley LLC Unitholders forfeit some or all of the benefits to which they would be
entitled under the Tax Receivable Agreement in order to increase the amount of consideration available to the unaffiliated MDLY
Stockholders. The MDLY Special Committee, together with Potter Anderson and Barclays, also discussed the unsuccessful efforts
of MDLY to find a potential buyer for MDLY or its assets, based on information about such efforts provided by representatives
of Goldman Sachs, and to what extent prior discussions with third parties with respect to MDLY&rsquo;s value and the lack of viable
proposals to acquire MDLY impacted the value of the consideration offered in connection with the proposed MDLY Merger. Following
the July 20, 2018 meeting of the MDLY Special Committee, Barclays communicated to representatives of Goldman Sachs the MDLY Special
Committee&rsquo;s request for additional consideration for the unaffiliated MDLY Stockholders and related questions regarding
other potential sources of value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later
on July 20, 2018, Management delivered an updated framework for the proposed Mergers, which provided for a cash payment to holders
of MDLY Class A Common Stock of $3.69 per share, inclusive of a $0.25 pre-closing special cash dividend, and 0.34 shares of Sierra
Common Stock per share of MDLY Class A Common Stock. In addition, the updated framework proposed a stock-for-stock merger of Sierra
and MCC using an exchange ratio of 0.72, which was reduced from the prior proposed exchange ratio of 0.76 due to a decrease in
MCC&rsquo;s NAV per share over the previous quarter. As part of the framework, the Medley LLC Unitholders agreed to reduce the
payments that they would receive under the Tax Receivable Agreement, through a reduction in the percentage of the aggregate value
of certain tax benefits to which they would be entitled from 85% to 65%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 22, 2018, the MDLY Special Committee held a telephonic meeting with representatives of Potter Anderson and Barclays to discuss
the July&nbsp;20, 2018 framework. The MDLY Special Committee instructed Potter Anderson and Barclays to request that (i) the Medley
LLC Unitholders forfeit a greater share or all of the benefits to which they are entitled under the Tax Receivable Agreement and
(ii) all or a greater portion of the aggregate cash payable in the form of the pre-closing special cash dividend be paid only
to the unaffiliated MDLY Stockholders. The MDLY Special Committee, together with Potter Anderson and Barclays, also discussed
the prior MDLY sales process, based on information about such process provided by representatives of Goldman Sachs, and how the
consideration proposed in the July 20, 2018 framework compared to the prior indications of interest and other transactions unsuccessfully
pursued by MDLY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
July 23, 2018 and July 25, 2018, Management, the Sierra Special Committee and the MCC Special Committee conveyed their respective
positions on particular issues to representatives of Eversheds Sutherland and Goldman Sachs, including that (i) Management was
not amenable to forfeiting additional payments to which they were entitled under the Tax Receivable Agreement, (ii) Management
would not be amenable to conditioning the Proposed Business Combination on the approval of a majority of the unaffiliated MDLY
Stockholders due to the relatively small ownership interest (approximately 18.3%) and voting power (approximately 2.2%) that such
holders have in MDLY, (iii) any increase in the cash consideration payable to the unaffiliated MDLY Stockholders or paying a special
cash dividend only to the unaffiliated MDLY Stockholders would not be acceptable to Management, and (iv) Management would decline
the MDLY Special Committee&rsquo;s request that the unaffiliated MDLY Stockholders be given election rights with respect to the
consideration payable in connection with the Proposed Business Combination. Management, the Sierra Special Committee, and the
MCC Special Committee directed representatives of Eversheds Sutherland and Goldman Sachs to convey such positions to Barclays
and Potter Anderson. During this time, Barclays continued its due diligence and discussions with representatives of Goldman Sachs
regarding the MDLY Special Committee&rsquo;s request for additional value to the unaffiliated MDLY Stockholders. During those
discussions and at the direction of MDLY, representatives of Goldman Sachs informed Barclays of the respective positions of Management,
the Sierra Special Committee and the MCC Special Committee, as described above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 25, 2018, at the direction of MDLY, representatives of Goldman Sachs, communicated to representatives of Barclays an updated
framework for the proposed Mergers, which included an increase in the proposed exchange ratio of 0.34 shares of Sierra Common
Stock to 0.38 shares of Sierra Common Stock per share of MDLY Class A Common Stock, but did not otherwise change the cash consideration
per share (or proposed special cash dividend) payable to the MDLY Stockholders. In addition, the updated framework proposed a
stock-for-stock merger of Sierra and MCC using an exchange ratio of 0.76<B>. </B>At the direction of MDLY, representatives of
Goldman Sachs also communicated to Barclays that the Medley LLC Unitholders agreed to further reduce the percentage of the aggregate
value of certain tax benefits to which they would be entitled under the Tax Receivable Agreement from 65% to 40%. Finally, at
the direction of MDLY, representatives of Goldman Sachs delivered a written framework reflecting such terms to the MDLY Special
Committee and Potter Anderson on July 26, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 25, 2018, at the direction of MDLY, representatives of Eversheds Sutherland and Goldman Sachs conveyed to representatives
of Potter Anderson and Barclays, respectively, that, (i) the Medley LLC Unitholders remained reluctant to forfeit additional rights
under the Tax Receivable Agreement, (ii) the Medley LLC Unitholders (in their capacity as MDLY&rsquo;s controlling stockholders)
would not be amenable to conditioning the proposed transactions on approval of a majority of the unaffiliated MDLY Stockholders,
(iii) increases in cash consideration or the payment of a special cash dividend only to the unaffiliated MDLY Stockholders were
unacceptable to MDLY&rsquo;s controlling stockholders, the Medley LLC Unitholders, and (iv) MDLY&rsquo;s controlling stockholders
declined the MDLY Special Committee&rsquo;s request that the unaffiliated MDLY Stockholders be given election rights with respect
to the consideration payable in connection with the proposed MDLY Merger. Representatives of Potter Anderson and Barclays conveyed
these points to the MDLY Special Committee during a telephonic meeting with the MDLY Special Committee on July 25, 2018. The MDLY
Special Committee instructed representatives of Potter Anderson and Barclays to continue to request that the Medley LLC Unitholders
forfeit a greater share or all of the payments to which they are entitled under the Tax Receivable Agreement in order to increase
the amount of consideration available to the unaffiliated MDLY Stockholders. The MDLY Special Committee, together with Potter
Anderson and Barclays, continued to consider the sales process of MDLY to date and how the proposed MDLY Merger related to prior
indications of interest and other transactions unsuccessfully pursued by MDLY, based on information about such indications of
interest and other transactions provided by representatives of Goldman Sachs. Representatives of Potter Anderson discussed with
the MDLY Special Committee an updated process summary, which had been delivered by representatives of Goldman Sachs on July 23,
2018, detailing, among other things, the prior sales processes and bidder outreach conducted by MDLY and the reasons for the termination
of discussions with Party X.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 26, 2018, at the request of Management, representatives of Goldman Sachs, relayed the updated framework for the proposed
Mergers to the MDLY Special Committee and Potter Anderson, which contemplated a cash payment to holders of MDLY Class A Common
Stock of $3.69 per share, inclusive of a $0.25 pre-closing special cash dividend, and 0.38 shares of Sierra Common Stock per share
of MDLY Class A Common Stock. In addition, the updated framework maintained the previously proposed stock-for-stock merger of
Sierra and MCC using an exchange ratio of 0.76<B>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 26, 2018, the MDLY Special Committee held a telephonic meeting with representatives of Potter Anderson and Barclays. The
MDLY Special Committee directed Potter Anderson and Barclays to continue to explore additional sources of value for the unaffiliated
MDLY Stockholders, including a possible forfeiture by the Medley LLC Unitholders of all of the payments that they would otherwise
be entitled to receive under the Tax Receivable Agreement. Representatives of Barclays reviewed with the MDLY Special Committee
conversations between representatives of Barclays and Goldman Sachs relating to the prior sales processes of MDLY, and the MDLY
Special Committee instructed Barclays to follow up with representatives of Goldman Sachs relating to the reasons for termination
of discussions with Party X. The MDLY Special Committee also reviewed with Potter Anderson and Barclays Management&rsquo;s projections
and their underlying support, as well as key transaction structure considerations, including possible procedural protections and
post-closing compensation for Management. In addition, the MDLY Special Committee, with the assistance of Potter Anderson, reviewed
the Sierra Investment Advisory Agreement and MCC Investment Management Agreement, including the terms under which such agreements
are renewed annually and the terms and conditions under which such agreements may be terminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2018, at the request of Management, representatives of Goldman Sachs, relayed the updated framework for the proposed
Mergers to the MDLY Special Committee and Potter Anderson, which proposed a cash payment to holders of MDLY Class A Common Stock
of $3.94 per share, inclusive of a $0.50 pre-closing special cash dividend, and 0.38 shares of Sierra Common Stock per share of
MDLY Class A Common Stock. In addition, the updated framework proposed a stock-for-stock merger of Sierra and MCC using an exchange
ratio of 0.8050, increased from the prior exchange ratio of 0.76. In connection with the updated framework, the Medley LLC Unitholders
agreed to forfeit the entirety of the payments otherwise payable to them under the Tax Receivable Agreement. At the direction
of MDLY, representatives of Goldman Sachs delivered a written framework reflecting such terms to the MDLY Special Committee and
Potter Anderson on July 27, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2018, representatives of Potter Anderson and Barclays held a teleconference with Mr. Leeds to discuss the July 27, 2018
framework in anticipation of a meeting of the MDLY Board later that day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the July 27, 2018 MDLY Board meeting, Mr. Taube summarized the current state of negotiations and provided an overview of the July
27, 2018 framework. At the invitation of MDLY, representatives of Goldman Sachs attended this meeting. Specifically, Mr. Taube
discussed the price per share that MDLY Stockholders would receive in connection with the proposed MDLY Merger. After multiple
iterations, the Sierra Special Committee and Management agreed to consider a price of $6.75 per share of MDLY Class A Common Stock
(inclusive of the total cash consideration and stock consideration), which included a $0.50 pre-closing special cash dividend.
In summary, Mr. Taube noted that MDLY Stockholders could expect to receive merger consideration in the form of approximately 55%
in cash and 45% in Sierra Common Stock. In addition, Mr. Taube noted that under the July 27, 2018 framework, the Medley LLC Unitholders
would agree to waive their rights under the Tax Receivable Agreement, which would allow the Combined Company to receive all of
the benefits therefrom. Mr. Taube highlighted the fact that all members of Management agreed to forfeit their rights under the
Tax Receivable Agreement in order to help the negotiations between the parties and provide increased value to the unaffiliated
MDLY Stockholders. Mr. Taube committed to reporting to the MDLY Special Committee on the progress of the negotiations as soon
as more information became available.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Next,
Mr. Taube provided an update on the negotiations between the Sierra Special Committee and the MCC Special Committee. He noted
that one of the main issues being negotiated was the exchange ratio pursuant to which shares of Sierra Common Stock would be issued
in exchange for existing shares of MCC Common Stock. Mr. Taube informed the MDLY Special Committee that the Sierra Special Committee
and the MCC Special Committee had reached a tentative agreement that the exchange ratio in connection with the MCC Merger would
be 0.8050 shares of Sierra Common Stock for each share of MCC Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 29, 2018, the MDLY Special Committee held a telephonic meeting with representatives of Potter Anderson and Barclays to discuss
the July&nbsp;27, 2018 framework. The MDLY Special Committee instructed Potter Anderson and the representatives of Barclays to
further request that the aggregate amount of the currently contemplated pre-closing special cash dividend be paid only to the
unaffiliated MDLY Stockholders or that an additional pre-closing special cash dividend be paid only to the unaffiliated MDLY Stockholders.
The MDLY Special Committee also discussed Management&rsquo;s projections. Representatives of Barclays informed the MDLY Special
Committee that representatives of Goldman Sachs had communicated that Management (in its capacity as MDLY&rsquo;s controlling
stockholder), continued to reject any election right for the unaffiliated MDLY Stockholders with respect to the mix of cash and
stock consideration because it purportedly affected the tax-free nature of the MDLY Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 29, 2018, Eversheds Sutherland uploaded to the electronic data room drafts of the MDLY Merger Agreement and MCC Merger Agreement
for the proposed Mergers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 30, 2018, at the direction of MDLY, representatives of Goldman Sachs delivered an updated framework for the proposed Mergers
to the MDLY Special Committee and Potter Anderson. The July 30, 2018 framework provided that (i) the unaffiliated MDLY Stockholders
would receive $4.09 per share, which would include $0.65 payable in the form of special cash dividends, and (ii) Management would
receive a lower per share cash consideration of $3.79, which would include only $0.35 payable in the form of a special cash dividend.
Under the July 30, 2018 framework, both the unaffiliated MDLY Stockholders and Management (in their capacity as MDLY Stockholders)
would receive 0.3836 shares of Sierra Common Stock per share of MDLY Class A Common Stock. In addition, the updated framework
proposed a stock-for-stock merger of Sierra and MCC using an exchange ratio of 0.8050, which was consistent with the most recently
proposed framework<B>. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
a meeting of the MDLY Board held on July 30, 2018, Mr. Taube provided the MDLY Board with an update on Management&rsquo;s latest
discussion with the Sierra Special Committee in connection with the MDLY Merger and the negotiations between the Sierra Special
Committee and the MCC Special Committee relating to the MCC Merger. At the invitation of MDLY, representatives of Goldman Sachs
attended this meeting. Mr. Taube addressed the MDLY Special Committee&rsquo;s request for increased consideration for holders
of MDLY Class A Common Stock and described the outstanding business issues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Taube next summarized Management&rsquo;s latest discussion with the Sierra Special Committee and the MCC Special Committee, noting
that while he had previously reported to the MDLY Special Committee that a share price of $6.75 (inclusive of the total cash consideration
and stock consideration) for shares of MDLY Class A Common Stock was a possibility, Sierra was still pushing for MDLY to consider
a share price lower than $6.75.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Next,
representatives of Potter Anderson asked for further information regarding the sources of value associated with the MDLY Merger,
and asked Mr. Taube to reconfirm Management&rsquo;s projections and that no changes were necessary. Mr. Taube noted that Management
had given up a great deal of value for themselves in order to facilitate an agreement and a share price point that would be agreeable
to all parties. In particular, forfeiting the Medley LLC Unitholders rights under the Tax Receivable Agreement, was of significant
benefit to the MDLY Stockholders. Mr. Taube then reviewed the specifics of the July 30, 2018 framework share price breakdown and
reconfirmed Management&rsquo;s projections.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Next,
Mr. Taube informed the MDLY Board that Management received from an unaffiliated third party (&ldquo;<B><I>Party Y</I></B>&rdquo;)
a written non-binding indication of interest dated July 30, 2018, to acquire all of the shares of MDLY Class A Common Stock and
all of the Medley LLC rights (the &ldquo;<B><I>July&nbsp;30, 2018 IOI</I></B>&rdquo;). Mr.&nbsp;Taube noted that Management would
assess the offer and provide the MDLY Special Committee with a copy of the July 30, 2018 IOI.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Later
on August 2, 2018, the MDLY Special Committee held a telephonic meeting with representatives of Potter Anderson and Barclays.
The MDLY Special Committee determined that there were no additional sources of value for the unaffiliated MDLY Stockholders and
that the Sierra Special Committee and the MCC Special Committee were not amenable to giving up further value in connection with
the proposed Mergers. In addition, the MDLY Special Committee reviewed, with the assistance of Potter Anderson and Barclays, the
sales processes to date run by MDLY. Based on those discussions, the MDLY Special Committee (i) confirmed that the sales processes
run by MDLY for approximately 12 months, which failed to produce any viable transaction, constituted a reasonable market check
by MDLY and that no further pre-signing market check was necessary under the circumstances, and (ii) determined not to authorize
Barclays to solicit any indications of interest from any third party with respect to the purchase of all or a part of MDLY&rsquo;s
business. The MDLY Special Committee also discussed and continued to believe that it was not a viable option to request that the
deal be conditioned on the approval of a majority of the unaffiliated MDLY Stockholders because such a condition had been rejected
on multiple occasions by Management (in its capacity as MDLY&rsquo;s controlling stockholder). The representatives of Potter Anderson
then reviewed with the MDLY Special Committee the draft MDLY Merger Agreement. The MDLY Special Committee also discussed the proposed
consideration and recognized that the cash component payable to the unaffiliated MDLY Stockholders alone exceeded the current
market price of shares of MDLY Class A Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
a meeting of the MDLY Board held on August 3, 2018, Management provided the MDLY Board with an update on the status of the proposed
Mergers since the last meeting held on July 30, 2018. At the invitation of MDLY, representatives of Goldman Sachs attended this
meeting. Mr. Taube summarized the schedule of upcoming board and special committee meetings of MCC and Sierra, noting that Eversheds
Sutherland would narrow down the list of open items being discussed in the MDLY Merger Agreement and MCC Merger Agreement. Mr.
Taube next reviewed the working plan for the proposed transaction announcement, noting that the parties were working towards announcing
an agreement on the close of business on Thursday, August 9, 2018, assuming the MDLY Merger Agreement and MCC Merger Agreement
were finalized by that date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Next,
Mr. Taube provided an overview of the July 30, 2018 IOI. Mr. Taube explained that neither Management nor representatives of Goldman
Sachs were familiar with Party Y before receiving the unsolicited proposal. In summary, Party Y proposed a sale price that would
equate to approximately $5.09 per share of MDLY Class A Common Stock. Management met with representatives from Party Y and performed
diligence. Based upon that analysis, Management advised the MDLY Board that it appeared that Party Y did not have the capacity
or skill required for a successful transaction, lacked the necessary capital, and was offering a low share price that did not
fairly value MDLY. Representatives of Goldman Sachs confirmed that they were not familiar with Party Y before receiving the unsolicited
proposal and noted that it was likely that Party Y was hoping to acquire MDLY at a significant discount to fair value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
following the conclusion of the MDLY Board Meeting, the MDLY Special Committee held a telephonic meeting with representatives
of Potter Anderson and Barclays. Barclays reviewed with the MDLY Special Committee its preliminary financial metrics relating
to the MDLY Merger. In addition, the MDLY Special Committee, with the assistance of representatives of Potter Anderson and Barclays,
discussed the July 30, 2018 IOI and agreed that it was not viable or worth further pursuing when compared to the proposed MDLY
Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
August 3, 2018 to the afternoon of August 9, 2018, Eversheds Sutherland exchanged multiple drafts of the MCC Merger Agreement
and the MDLY Merger Agreement with representatives of Potter Anderson, S&amp;W and Kramer Levin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 8, 2018, the MDLY Special Committee held a telephonic meeting with representatives of Potter Anderson and Barclays. The
MDLY Special Committee and representatives of Potter Anderson discussed the compensation report received by the Sierra Special
Committee from its compensation consultant, and reviewed with the MDLY Special Committee the terms of the proposed employment
agreements to be executed by Management upon the closing of the proposed Mergers. Also at the meeting (i) Potter Anderson reviewed
with the MDLY Special Committee an overview of the material terms of the draft MDLY Merger Agreement and exhibits, (ii) Barclays
discussed with the MDLY Special Committee its financial analysis of the consideration to be paid to the unaffiliated MDLY Stockholders
in the MDLY Merger, and (iii) Potter Anderson reviewed with the MDLY Special Committee its fiduciary duties in connection with
its evaluation, consideration, and approval of the proposed MDLY Merger. The MDLY Special Committee, with the assistance of Potter
Anderson and Barclays, also reviewed the prior sales process run by MDLY. The discussion regarding the prior sales process run
by MDLY was based upon information that was provided by representatives of Goldman Sachs at the direction of MDLY. After an extensive
discussion, the MDLY Special Committee agreed that the MDLY Merger provided the best value reasonably available to the unaffiliated
MDLY Stockholders, including when compared to any standalone options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 9, 2018, the MDLY Special Committee held a telephonic meeting with representatives of Potter Anderson and Barclays. The
MDLY Special Committee, with the assistance of Potter Anderson, discussed the material terms of the MDLY Merger Agreement and
exhibits. Representatives of Potter Anderson again reviewed with the MDLY Special Committee its fiduciary duties. In addition,
at the meeting, Barclays discussed with the MDLY Special Committee additional information with respect to its financial analysis
of the terms of the proposed MDLY Merger. At the request of the MDLY Special Committee, Barclays delivered an oral fairness opinion
as of August 9, 2018, which was subsequently confirmed by delivery of a written opinion dated as of such date, as to the fairness,
from a financial point of view, to the MDLY Public Stockholders of the aggregate of the MDLY Merger Consideration, the First Special
Dividend and the Second Special Dividend to be offered to such MDLY Public Stockholders for their MDLY Class A Common Stock in
the proposed MDLY Merger. The MDLY Special Committee unanimously (i) determined that the MDLY Merger Agreement and the transactions
contemplated thereby, including, without limitation, the MDLY Merger, are advisable and fair to, and in the best interests of,
MDLY and the MDLY Stockholders (other than Messrs. Brook Taube, Seth Taube, Tonkel, Allorto, and Fredericks, Medley Group LLC,
and any of their respective affiliates), (ii) approved and declared advisable the MDLY Merger Agreement and the transactions contemplated
thereby, including, without limitation, the MDLY Merger, and (iii) recommended that the MDLY Board (a) approve and declare advisable
the MDLY Merger Agreement and the transactions contemplated thereby, including, without limitation, the MDLY Merger, and (b) submit
the MDLY Merger Agreement to the MDLY Stockholders for adoption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 9, 2018, the MDLY Board held a telephonic meeting. At the invitation of MDLY, representatives of Potter Anderson, Barclays,
Goldman Sachs and Eversheds Sutherland were present. At this meeting, representatives of Goldman Sachs reviewed its financial
analysis of the consideration to be paid to the MDLY Stockholders in the MDLY Merger. Representatives of Goldman Sachs then rendered
an oral opinion to the MDLY Board, which was subsequently confirmed by delivery of a written opinion dated August 9, 2018, to
the effect that, as of such date, and based upon and subject to the factors and assumptions set forth therein, the aggregate of
the MDLY Merger Consideration, the First Special Dividend and the Second Special Dividend, which is referred to as the &ldquo;Consideration&rdquo;,
to be paid to the holders of MDLY Class A Common Stock (other than Sierra, MCC and any of their respective affiliates, the Medley
LLC Unitholders, the holders of Medley LLC Restricted Units and the holders of MDLY RSUs) pursuant to the MDLY Merger Agreement,
was fair from a financial point of view to such holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Leeds provided the MDLY Board with a report of the MDLY Special Committee meeting held earlier that day. Mr. Leeds provided a
history of the various meetings held by the MDLY Special Committee and described the final considerations of the MDLY Special
Committee that led to its recommendation that the MDLY Merger Agreement and the transactions contemplated thereby be approved
by the MDLY Board. In particular, Mr. Leeds highlighted, among other things, the fairness opinion that the MDLY Special Committee
received from Barclays and the robust process of considering all of the information and various proposals presented to the MDLY
Special Committee. On that basis, Mr. Leeds confirmed the MDLY Special Committee&rsquo;s recommendation described above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
that basis, the MDLY Board unanimously approved and declared advisable the MDLY Merger Agreement and the transactions contemplated
thereby, including, without limitation, the MDLY Merger and resolved to submit the MDLY Merger Agreement to the MDLY Stockholders
for its adoption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left">i.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Summary
of Financial Presentation by Barclays, dated August 9, 2018, to the MDLY Special Committee</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MDLY Special
Committee engaged Barclays to act as its independent financial advisor for the purpose of providing financial advisory services
to the MDLY Special Committee with respect to certain potential transactions or series or combination of related transactions
outside of the ordinary course of business of MDLY, including the MDLY Merger, pursuant to an engagement letter dated July 13,
2018. On August 9, 2018, Barclays rendered its oral opinion (which was subsequently confirmed in writing) to the MDLY Special
Committee that, as of such date and based upon and subject to the qualifications, limitations and assumptions stated in its opinion,
the Consideration to be offered to the MDLY Public Stockholders for their MDLY Class A Common Stock in the proposed MDLY Merger
is fair, from a financial point of view, to such MDLY Public Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">The full
text of Barclays&rsquo; written opinion, dated as of August 9, 2018, is attached as Appendix D hereto. Barclays&rsquo; written
opinion sets forth, among other things, the assumptions made, procedures followed, factors considered and limitations upon the
review undertaken by Barclays in rendering its opinion. You are encouraged to read the opinion carefully in its entirety. The
following is an abridged summary of Barclays&rsquo; opinion and the methodology that Barclays used to render its opinion. This
summary is qualified in its entirety by reference to the full text of the opinion. The preparation of a fairness opinion is a
complex process and involves various determinations as to the most appropriate and relevant methods of financial and comparative
analyses and the application of those methods to the particular circumstances. Therefore, a fairness opinion is not readily susceptible
to summary description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Barclays&rsquo;
opinion, the issuance of which was approved by Barclays&rsquo; Fairness Opinion Committee, is addressed to the MDLY Special Committee,
addresses only the fairness, from a financial point of view, of the Consideration to be offered to the MDLY Public Stockholders.
Barclays did not recommend any specific form or amount of consideration to MDLY, the MDLY Special Committee or the MDLY Board
or that any specific form or amount of consideration constituted the only appropriate consideration for the proposed MDLY Merger
or the proposed MCC Merger. Barclays was not requested to opine as to, and its opinion does not in any manner address, MDLY&rsquo;s
underlying business decision to proceed with or effect the proposed MDLY Merger, the likelihood of the consummation of the proposed
MDLY Merger or the proposed MCC Merger, or the relative merits of the proposed MDLY Merger as compared to any other transaction
in which MDLY may engage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In arriving at
its opinion, Barclays, among other things, reviewed and analyzed the draft MDLY Merger Agreement and the draft MCC Merger Agreement
and the specific terms of the proposed MDLY Merger and MCC Merger; reviewed and analyzed publicly available information concerning
MDLY that Barclays believed to be relevant to its analysis, including MDLY&rsquo;s Annual Report on Form 10-K for the fiscal year
ended December 31, 2017 and Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2018 and June 30, 2018; reviewed
and analyzed financial and operating information with respect to the business, operations and prospects of MDLY furnished to Barclays
by MDLY, including financial projections of MDLY prepared by Management (the &ldquo;<B><I>MDLY Projections</I></B>&rdquo;); reviewed
and analyzed financial and operating information with respect to the business, operations and prospects of MCC and Sierra furnished
to Barclays by Management, including financial projections of each of MCC and Sierra prepared by Management as investment advisor
and manager of MCC and Sierra, respectively (the &ldquo;<B><I>MCC and Sierra Standalone Projections</I></B>&rdquo;); reviewed
and analyzed pro forma financial projections for the Combined Company, including cost savings, operating synergies and other strategic
benefits prepared by Management (the &ldquo;<B><I>Combined Company Projections</I></B>&rdquo;); reviewed and analyzed a trading
history of MDLY Class A Common Stock from September 24, 2014 through August 8, 2018 and a trading history of MCC Common Stock
from September 24, 2014 to August 8, 2018; reviewed and analyzed a comparison of the historical dividend performance of MDLY with
those of MCC and Sierra; reviewed and analyzed a comparison of the historical financial results and present and projected financial
condition of MDLY with those of other asset management companies that Barclays deemed relevant; reviewed and analyzed a comparison
of the financial terms of the proposed MDLY Merger with the financial terms of certain other transactions involving asset management
companies that Barclays deemed relevant; reviewed and analyzed a comparison of the pro forma market position of the Combined Company
following the proposed MDLY Merger and the proposed MCC Merger with those of other BDCs that Barclays deemed relevant; reviewed
and analyzed published estimates of independent research analysts with respect to the future financial performance and price targets
of MDLY; reviewed and analyzed information provided by MDLY and its advisors with respect to the results of previous efforts of
MDLY and its advisors to solicit indications of interest from third parties with respect to a sale of MDLY; reviewed and analyzed
the Sierra Investment Advisory Agreement; reviewed and analyzed the MCC Investment Management Agreement; had discussions with
Management, including in its capacity as investment advisor and manager of MCC and Sierra, respectively, concerning the business,
operations, assets, financial condition and prospects of each of MDLY, MCC, Sierra and the Combined Company; and undertook such
other studies, analyses and investigations as Barclays deemed appropriate. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In arriving
at its opinion, Barclays assumed and relied upon the accuracy and completeness of the financial and other information used by
Barclays without any independent verification of such information (and had not assumed responsibility or liability for any
independent verification of such information). Barclays also relied upon the assurances of Management that they were not
aware of any facts or circumstances that would make such information inaccurate or misleading. With respect to the MDLY
Projections and the Combined Company Projections, upon advice
of Management, Barclays assumed that such projections were reasonably prepared on a basis reflecting the best
currently available estimates and judgments of Management as to MDLY&rsquo;s future financial performance on a standalone
basis and the Combined Company&rsquo;s future financial performance on a pro forma basis, including as to the amount and
timing of synergies to be realized, and that each of MDLY and the Combined Company after giving effect to the MDLY Merger and
the MCC Merger would perform substantially in accordance with such projections. With respect to the MCC and Sierra Standalone Projections, upon advice of Management, Barclays assumed
that such projections were reasonably prepared on a basis reflecting the best currently available estimates and judgments of
Management and management of its subsidiary that is the investment advisor and manager of MCC and Sierra, respectively, as to
each of MCC and Sierra&rsquo;s future financial performance and that each of MCC and Sierra would perform substantially in
accordance with such projections. Pursuant to the MDLY Special Committee&rsquo;s instructions, Barclays relied upon and
utilized the MDLY Projections, the MCC and Sierra Standalone Projections and the Combined Company Projections in connection
with its analysis and its opinion. In arriving at its opinion, Barclays assumed no responsibility for and expressed no view
as to any such projections or estimates or the assumptions on which they were based. In arriving at its opinion, Barclays did
not conduct a physical inspection of the properties and facilities of MDLY and did not make or obtain any evaluations or
appraisals of the assets or liabilities of MDLY. In addition, Barclays was not authorized by the MDLY Special Committee to
solicit, and did not solicit, any indications of interest from any third party with respect to the purchase of all or a part
of MDLY&rsquo;s business. Barclays&rsquo; opinion was necessarily based upon market, economic and other conditions as they
existed on, and could be evaluated as of, August 9, 2018. Barclays assumed no responsibility for updating or revising its
opinion based on events or circumstances that may have occurred after August 9, 2018 or that may occur after the date of this
application. Barclays expressed no opinion as to the prices at which the MDLY Class A Common Stock would trade following the
announcement of the proposed MDLY Merger and MCC Merger or prices at which the Sierra Common Stock would trade following
consummation of the proposed MDLY Merger or the proposed MCC Merger. Barclays&rsquo; opinion should not be viewed as
providing any assurance that the market value of the Sierra Common Stock to be held by the MDLY Public Stockholders after the
consummation of the proposed MDLY Merger and the proposed MCC Merger will be in excess of the market value of MDLY Class A
Common Stock owned by such MDLY Public Stockholders at any time prior to the announcement or consummation of the proposed MCC
Merger or the proposed MDLY Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Barclays assumed
that the executed MDLY Merger Agreement would conform in all material respects to the last draft reviewed by Barclays. Additionally,
Barclays assumed the accuracy of the representations and warranties contained in the proposed MDLY Merger Agreement and all the
agreements related thereto. Barclays did not express any opinion as to any tax or other consequences that might result from the
proposed MCC Merger or MDLY Merger, nor did Barclays&rsquo; opinion address any legal, tax, regulatory or accounting matters,
as to which Barclays understood MDLY had obtained such advice as it deemed necessary from qualified professionals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
rendering its opinion, Barclays performed certain financial, comparative and other analyses as summarized below. In arriving at
its opinion, Barclays did not ascribe a specific range of values to the MDLY Class A Common Stock or the Sierra Common Stock but
rather made its determination as to fairness, from a financial point of view, to the MDLY Public Stockholders of the Consideration
to be offered to the MDLY Public Stockholders for their MDLY Class A Common Stock in the proposed MDLY Merger on the basis of
various financial and comparative analyses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In arriving at
its opinion, Barclays did not attribute any particular weight to any single analysis or factor considered by it but rather made
qualitative judgments as to the significance and relevance of each analysis and factor relative to all other analyses and factors
performed and considered by it and in the context of the circumstances of the particular transaction. Accordingly, Barclays believes
that its analyses must be considered as a whole, as considering any portion of such analyses and factors, without considering
all analyses and factors as a whole, could create a misleading or incomplete view of the process underlying its opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Summary of Material Financial Analyses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is
a summary of the material financial analyses performed by Barclays with respect to the MDLY Class A Common Stock and the Sierra
Common Stock in preparing its opinion to the MDLY Special Committee: the comparable company analysis, the comparable transaction
analysis and the discounted cash flow analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of these methodologies
was used to generate reference per share equity value ranges for the MDLY Class A Common Stock and the Sierra Common Stock. In
order to derive implied per share values in the MDLY selected comparable company analysis and the MDLY selected precedent transactions
analysis, the implied equity value range for MDLY Class A Common Stock was calculated by subtracting net debt, as provided by
Management, from the enterprise value of MDLY and was then divided by the number of fully diluted shares of MDLY Class A Common
Stock estimated to be outstanding by Management. For purposes of the MDLY calculations, the number of MDLY Class A Common Stock
estimated to be outstanding at June 30, 2018, per the MDLY Projections, was used to derive implied per share equity values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to derive
implied per share equity values in the Combined Company selected comparable company analysis and the Combined Company selected
precedent transactions analysis, Barclays utilized a total NAV of the Combined Company of $1,122 million, per the Combined Company
Projections, which was divided by the number of fully diluted Sierra Common Stock estimated to be outstanding at the Effective
Time of the completion of the MDLY Merger and the MCC Merger of approximately 153.124 million shares per Management. In performing
its analyses of the Combined Company&rsquo;s ranges of implied per share equity value, Barclays used a price to NAV multiple analysis
because BDCs like the Combined Company frequently trade based on a multiple of NAV. Based on the selected comparable company analysis,
the selected precedent transaction analysis and the discounted cash flows analysis performed by Barclays with respect to the Combined
Company and the exercise of Barclays&rsquo; professional judgment, Barclays utilized an implied range of price to NAV multiples
of 0.8x to 1.0x in order to derive implied equity values for the Sierra Common Stock to be offered to MDLY Public Stockholders
for their shares of MDLY Class A Common Stock, which was used to assess whether the implied value of the Consideration to be offered
to the MDLY Public Stockholders for their MDLY Class A Common Stock in the proposed MDLY Merger was within the reference per share
equity value ranges of MDLY Class A Common Stock derived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In particular,
in applying the various valuation methodologies to the particular businesses, operations and prospects of MDLY and the Combined
Company, and the particular circumstances of the proposed MDLY Merger and the proposed MCC Merger, Barclays made qualitative judgments
as to the significance and relevance of each analysis and numerous assumptions with respect to industry performance, general business
and economic conditions and other matters, many of which are beyond the control of MDLY. Such qualitative judgments and assumptions
of Barclays were made following discussions with Management. Accordingly, the methodologies and the implied common equity value
ranges must be considered as a whole and in the context of the narrative description of the financial analyses, including the
assumptions underlying these analyses. Considering the implied common equity value ranges without considering the full narrative
description of the financial analyses, including the assumptions underlying these analyses, could create a misleading or incomplete
view of the process underlying, and conclusions represented by, Barclays&rsquo; opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The summary of
Barclays&rsquo; analyses and reviews provided below is not a complete description of the analyses and reviews underlying Barclays&rsquo;
opinion. The preparation of a fairness opinion is a complex process involving various determinations as to the most appropriate
and relevant methods of analysis and review and the application of those methods to particular circumstances, and, therefore,
is not readily susceptible to summary description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes
of its analyses and reviews, Barclays made numerous assumptions with respect to industry performance, general business, economic,
market and financial conditions and other matters, many of which are beyond the control of MDLY or any other parties to the proposed
transaction. No company, business or transaction considered in Barclays&rsquo; analyses and reviews is identical to MDLY, the
Combined Company, the proposed MDLY Merger or the proposed MCC Merger, and an evaluation of the results of those analyses and
reviews is not entirely mathematical. Rather, the analyses and reviews involve complex considerations and judgments concerning
financial and operating characteristics and other factors that could affect the acquisition, public trading or other values of
the companies, businesses or transactions considered in Barclays&rsquo; analyses and reviews. None of MDLY, Sierra, MCC, the Combined
Company, Barclays or any other person assumes responsibility if future results are materially different from those discussed.
Any estimates contained in these analyses and reviews and the ranges of valuations resulting from any particular analysis or review
are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or
less favorable than as set forth below. In addition, analyses relating to the value of companies, businesses or securities do
not purport to be appraisals or reflect the prices at which the companies, businesses or securities may actually be sold. Accordingly,
the estimates used in, and the results derived from, Barclays&rsquo; analyses and reviews are inherently subject to substantial
uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The summary of
the financial analyses and reviews summarized below omits certain information, some of which would otherwise be presented in tabular
or bullet format.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Selected Comparable Company Analysis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Standalone MDLY.
</I>Barclays reviewed and compared specific financial and operating data relating to MDLY with selected companies that Barclays,
based on its experience in the asset management industry, deemed comparable to MDLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Barclays
calculated and compared various financial multiples and ratios of MDLY and the selected comparable companies. As part of its selected
comparable company analysis, Barclays calculated and analyzed each company&rsquo;s ratio of its then-current stock price to its
2018 and 2019 estimated earnings per share (&ldquo;EPS&rdquo;) (commonly referred to as a price to earnings ratio, or &ldquo;P/E&rdquo;),
and the ratio of each company&rsquo;s enterprise value (&ldquo;EV&rdquo;) to its 2018 and 2019 estimated earnings before interest,
taxes, depreciation and amortization (&ldquo;EBITDA&rdquo;). The EV of each company was obtained by adding its long-term debt
to the sum of the market value of its common equity and the book value of any minority interest, and subtracting its cash and
cash equivalents. With respect to the alternative asset management companies included in Barclays&rsquo; selected comparable companies
analysis, Barclays did not perform an analysis of such alternative asset management companies&rsquo; EV/EBITDA ratios but rather
focused its analysis on the multiples it deemed most relevant based on its experience in the asset management industry. All of
these calculations were performed excluding one-time and extraordinary expenses and were based on the MDLY Projections, in the
case of MDLY, and publicly available financial data, in the case of each other company, in each case as of the end of each company&rsquo;s
most recently completed fiscal quarter prior to the delivery of Barclays&rsquo; opinion and closing stock prices as of August
8, 2018, the last full trading date prior to the delivery of Barclays&rsquo; opinion. All multiples were calculated based on a
calendarized year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in"> The P/E
ratios of the selected comparable companies resulting from this selected comparable company analysis ranged from 6.0x to 17.5x
(with a median of 11.3x) for the year ended December 31, 2018 and from 5.7x to 19.3x (with a median of 10.6x) for the year ended
December 31, 2019. The EV/EBITDA ratios of the selected comparable companies resulting from this selected comparable company analysis
ranged from 5.5x to 12.3x (with a median of 7.2x) for the year ended December 31, 2018 and from 5.4x to 11.7x (with a median of
7.4x) for the year ended December 31, 2019. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in"> Barclays
selected the comparable companies because their businesses and operating profiles are reasonably similar to that of MDLY. However,
because of the inherent differences between the business, operations and prospects of MDLY and those of the selected comparable
companies, Barclays believed that it was inappropriate to, and therefore did not, rely solely on the quantitative results of the
selected comparable company analysis. Accordingly, Barclays also made qualitative judgments concerning differences between the
business, financial and operating characteristics and prospects of MDLY and the selected comparable companies that could affect
the public trading values of each in order to provide a context in which to consider the results of the quantitative analysis.
Based upon the selected comparable companies analysis and these judgments, Barclays applied multiple ranges of 10.0x to 12.0x
to MDLY&rsquo;s estimated EPS for the year ended December 31, 2018; 8.0x to 10.0x to MDLY&rsquo;s estimated EPS for the year ended
December 31, 2019; 6.0x to 8.0x to MDLY&rsquo;s estimated EBITDA for the year ended December 31, 2018; and 5.5x to 7.5x to MDLY&rsquo;s
estimated EBITDA for the year ended December 31, 2019 and applied such ranges to the management projections to calculate a range
of implied equity values per share of MDLY. The selected comparable company analysis yielded implied equity values per share of
MDLY Class A Common Stock of: $3.93 to $4.72, when applying a multiple range of 10.0x to 12.0x to MDLY&rsquo;s estimated EPS for the
year ended December 31, 2018; $5.88 to $7.35, when applying a multiple range of 8.0x to 10.0x to MDLY&rsquo;s estimated EPS for the
year ended December 31, 2019; $1.87 to $3.51, when applying a multiple range of 6.0x to 8.0x to MDLY&rsquo;s estimated EBITDA for the
year ended December 31, 2018; and $3.45 to $5.82, when applying a multiple range of 5.5x to 7.5x to MDLY&rsquo;s estimated EBITDA for
the year ended December 31, 2019. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in"><I>Pro
Forma Combined Company.</I> Barclays reviewed and compared per share stock price as a multiple of NAV of selected internally and
externally managed BDCs with assets greater than $800 million that Barclays, based on its experience in the BDC industry, deemed
comparable to the pro forma Combined Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Barclays
calculated and compared per share stock price as a multiple of NAV of the selected comparable companies. All of these calculations
were based on publicly available financial data, relevant company filings as of the end of each company&rsquo;s most recently
completed fiscal quarter prior to the delivery of Barclays&rsquo; opinion and closing stock prices as of August 8, 2018, the last
trading date prior to the delivery of Barclays&rsquo; opinion, except in the case of Triangle Capital Corporation, where the closing
stock price of August 2, 2018 was used to reflect the valuation prior to the closing of externalization transaction with Barings
LLC, which was announced after market close on August 2, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Barclays
selected the comparable companies because their businesses and operating profiles are reasonably similar to that of the Combined
Company. However, because of the inherent differences between the business, operations and prospects of the Combined Company and
those of the selected comparable companies, Barclays believed that it was inappropriate to, and therefore did not, rely solely
on the quantitative results of the selected comparable company analysis. Accordingly, Barclays also made qualitative judgments
concerning differences between the business, financial and operating characteristics and prospects of the Combined Company and
the selected comparable companies that could affect the public trading values of each in order to provide a context in which to
consider the results of the quantitative analysis. Based upon the selected comparable companies analysis and these judgments,
Barclays applied multiple ranges of 1.10x to 1.30x and 0.85x to 0.95x to the Combined Company&rsquo;s estimated NAV, per the Combined
Company Projections, to calculate ranges of implied equity values per share of the Combined Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Barclays
noted that the implied range of the Consideration of $6.34 to $6.90 to be offered to the MDLY Public Stockholders for each of
their shares of MDLY Class A Common Stock in the proposed MDLY Merger, consisting of $4.09 (including the First Special Dividend
and the Second Special Dividend) and 0.3836 shares of Sierra Common Stock was within or exceeded the range of implied equity values
per share of MDLY Class A Common Stock derived pursuant to the foregoing analyses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Selected Precedent
Transaction Analysis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in"><I>Standalone
MDLY</I>. Barclays reviewed and compared the purchase prices and financial multiples paid in selected precedent asset management
transactions that Barclays deemed relevant, based on its experience with merger and acquisition transactions, particularly in
the asset management industry. Barclays chose such precedent asset management transactions based on, among other things, the similarity
of the applicable target companies in the transactions to MDLY with respect to the size, mix, margins and other characteristics
of their businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Using
publicly available information, Barclays calculated and analyzed multiples of the EV to EBITDA represented by the prices
paid in the selected precedent transactions. The reasons for and the circumstances surrounding each of the selected precedent
asset management transactions analyzed were diverse and there are inherent differences in the business, operations, financial
conditions and prospects of MDLY and the companies included in the selected precedent transaction analysis. Accordingly,
Barclays believed that a purely quantitative selected precedent transaction analysis would not be particularly meaningful in
the context of considering the proposed MDLY Merger. Barclays therefore made qualitative judgments concerning differences
between the characteristics of the selected precedent transactions and the proposed transaction which would affect the
acquisition values of the selected target companies and MDLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Based
upon Barclays&rsquo; selected precedent transaction analysis and these judgments, Barclays selected a range of EV / EBITDA multiples
of 9.0x to 12.0x and applied such range to MDLY&rsquo;s 2018 estimated EBITDA, per the MDLY Projections, to calculate a range
of implied equity values per share of MDLY Class A Common Stock. Barclays&rsquo; selected precedent transactions analysis yielded
a reference equity value range for shares of MDLY Class A Common Stock of $4.34 to $6.81 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in"><I>Pro
Forma Combined Company</I>. Barclays reviewed and compared the purchase prices and financial multiples paid in selected precedent
BDC transactions that Barclays deemed relevant, based on its experience with merger and acquisition transactions, particularly
involving BDCs. Barclays chose such precedent BDC transactions based on, among other things, the similarity of the applicable
target companies in the transactions to the Combined Company with respect to the size, mix, margins and other characteristics
of their businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Using publicly
available information, Barclays calculated and analyzed prices paid in the selected precedent transactions as a multiple of the
NAV of each of the selected comparable BDCs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">The reasons
for and the circumstances surrounding each of the selected precedent BDC transactions analyzed were diverse and there are inherent
differences in the business, operations, financial conditions and prospects of the pro forma Combined Company and the companies
included in the selected precedent transaction analysis. Accordingly, Barclays believed that a purely quantitative selected precedent
transaction analysis would not be particularly meaningful in the context of considering the proposed MDLY Merger. Barclays therefore
made qualitative judgments concerning differences between the characteristics of the selected precedent transactions and the proposed
transaction which would affect the acquisition values of the selected target companies and the Combined Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Based
upon Barclays&rsquo; selected precedent transaction analysis and these judgments, Barclays selected a range of price to NAV multiples
of 0.80 to 1.0x and applied such range to the Combined Company&rsquo;s NAV, per the Combined Company Projections, to calculate
a range of implied equity values per share of Sierra Common Stock. Barclays&rsquo; selected precedent transactions analysis yielded
a reference equity value range for shares of Sierra Common Stock of $5.86 to $7.33 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Barclays
noted that the implied range of the Consideration of $6.34 to $6.90 to be offered to the MDLY Public Stockholders for each of
their shares of MDLY Class A Common Stock in the proposed MDLY Merger, consisting of $4.09 (including the First Special Dividend
and the Second Special Dividend) and 0.3836 shares of Sierra Common Stock was within or exceeded the range of implied equity values
per share of MDLY Class A Common Stock derived pursuant to the foregoing analyses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Discounted
Cash Flow Analysis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in"><I>Standalone
MDLY</I>. In order to estimate the present value of MDLY Class A Common Stock, Barclays performed a discounted cash flow analysis
of MDLY. A discounted cash flow analysis is a traditional valuation methodology used to derive an intrinsic valuation of an asset
by calculating the &ldquo;present value&rdquo; of estimated future cash flows of the asset. &ldquo;Present value&rdquo; refers
to the current value of future cash flows or amounts and is obtained by discounting those future cash flows or amounts by a range
of discount rates that takes into account macroeconomic assumptions and estimates of risk, the opportunity cost of capital, expected
returns and other appropriate factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">To calculate
the estimated equity value ranges per share of MDLY Class A Common Stock using the discounted cash flow method, Barclays added
(i)&nbsp;MDLY&rsquo;s projected after-tax unlevered free cash flows for fiscal years 2018 through 2021 based on the MDLY Projections
to (ii) the &ldquo;terminal value&rdquo; of MDLY as of December 31, 2021, and discounted such amount to its present value using
mid-year convention and a range of selected discount rates ranging from 13.0% to 15.0%. The after-tax unlevered free cash flows
were calculated by taking the EBITDA, subtracting capital expenditures and taxes and adjusting working capital to be equal to
25% to 30% of annual operating expenses, in each case per the MDLY Projections. The residual value of MDLY at the end of the forecast
period, or &ldquo;terminal value,&rdquo; was estimated by selecting a range of terminal value multiples based on EV to EBITDA
for the year ending December 31, 2021 of 5.5x to 7.5x, which was derived by analyzing the results from the MDLY selected comparable
company analysis and applying such range to the after-tax free cash flows of MDLY. The range of after-tax discount rates of 13.0%
to 15.0% was selected based on an analysis of the weighted average cost of capital of MDLY and the selected comparable companies.
The range of implied equity values per share of MDLY Class A Common Stock resulting from Barclays&rsquo; discounted cash flow
analysis was $6.17 to $8.94 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in"><I>Pro
Forma Combined Company</I>. In order to estimate the present value of the Sierra Common Stock, Barclays performed a discounted
cash flow analysis of the pro forma Combined Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">To calculate
the estimated equity value ranges per share of Sierra Common Stock using the discounted cash flow method, Barclays added (i)&nbsp;the
Combined Company&rsquo;s projected net investment income for fiscal years 2019 through 2021, based on the Combined Company Projections,
to (ii) the &ldquo;terminal value&rdquo; of the Combined Company as of December 31, 2021, and discounted such amount to December
31, 2018 using mid-year convention and a range of selected discount rates ranging from 8.0% to 10.0%. The residual value of the
Combined Company at the end of the forecast period, or &ldquo;terminal value,&rdquo; was estimated by selecting a range of terminal
value multiples based price to NAV for the year ending December 31, 2021 of 0.80x to 1.00x, which was derived by analyzing the
results from the Consolidated Company selected comparable company analysis and applying such range to the Combined Company Projections.
The range of after-tax discount rates of 8.0% to 10.0% was selected based on an analysis of the cost of equity of the Combined
Company and the selected comparable companies. The range of implied equity values per share of Sierra Common Stock resulting from
Barclays&rsquo; discounted cash flow analysis was $6.31 to $7.86 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">Barclays
noted that the implied range of the Consideration of $6.34 to $6.90 to be offered to the MDLY Public Stockholders for each of
their shares of MDLY Class A Common Stock in the proposed MDLY Merger, consisting of $4.09 (including the First Special Dividend
and the Second Special Dividend) and 0.3836 shares of Sierra Common Stock was within or exceeded the range of implied equity values
per share of MDLY Class A Common Stock derived pursuant to the foregoing analyses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: -0.7pt"><B>Other
Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: -0.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify; text-indent: 35.3pt">Barclays
also reviewed and considered other factors, which were not considered as part of its financial analyses in connection with rendering
its opinion, but were references for informational purposes for the MDLY Special Committee, including, among other things, a historical
share price analysis, a transaction premium analysis and a current analyst price targets analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>i.</B></TD><TD STYLE="text-align: justify"><B><U>Summary of Financial Presentation by Goldman Sachs,
dated August 9, 2018, to the MDLY Board</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
performing its financial analyses, Goldman Sachs reviewed, among other things: the MDLY Merger Agreement, the MCC Merger Agreement
and the Exchange Agreement, collectively, which are referred to as the &ldquo;Agreements&rdquo;; various SEC filings for MDLY,
Sierra, and MCC; certain communications from MDLY, Sierra and MCC to their respective stockholders; certain publicly available
research analyst reports for MDLY, Sierra and MCC; certain unaudited financial statements for MDLY, Sierra and MCC, respectively;
and certain internal financial analyses and forecasts for MDLY, Sierra stand alone and pro forma for consummation of the MDLY
Merger and MCC Merger and MCC, in each case prepared by the management of MDLY, which are referred to as the &ldquo;Forecasts&rdquo;,
and certain operating synergies projected by the management of MDLY to result from the transactions contemplated by the Agreements,
which are referred to as the &ldquo;Synergies&rdquo;, in each of the foregoing cases, as approved for Goldman Sachs&rsquo; use
by MDLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Goldman Sachs also
held discussions with members of the senior management of MDLY regarding their assessment of the strategic rationale for, and
the potential benefits of, the transactions contemplated by the Agreements and the past and current business operations, financial
condition, and future prospects of MDLY, Sierra and MCC; reviewed the reported price and trading activity for MDLY Class A Common
Stock and MCC Common Stock; compared certain financial and stock market information for MDLY and MCC and certain financial information
for Sierra with similar financial and stock market information for certain other companies the securities of which are publicly
traded; reviewed the financial terms of certain recent business combinations in the alternative asset management industry; and
performed such other studies and analyses, and considered such other factors, as it deemed appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of
conducting its financial analyses, Goldman Sachs, with the consent of MDLY, relied upon and assumed the accuracy and completeness
of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by,
it, without assuming any responsibility for independent verification thereof. In that regard, Goldman Sachs assumed with the consent
of MDLY that the Forecasts and the Synergies were reasonably prepared on a basis reflecting the best currently available estimates
and judgments of the management of MDLY. Goldman Sachs did not make an independent evaluation or appraisal of the assets and liabilities
(including any contingent, derivative or other off-balance-sheet assets and liabilities) of MDLY, Sierra, MCC, Merger Sub or any
of their respective subsidiaries and it was not furnished with any such evaluation or appraisal. Goldman Sachs assumed that all
governmental, regulatory or other consents and approvals necessary for the consummation of the transactions contemplated by the
Agreements will be obtained without any adverse effect on MDLY, Sierra, MCC or Merger Sub or on the expected benefits of the transactions
contemplated by the Agreements in any way meaningful to its analysis. Goldman Sachs has also assumed that the transactions contemplated
by the Agreements will be consummated on the terms set forth in the Agreements, without the waiver or modification of any term
or condition the effect of which would be in any way meaningful to its analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is
a brief summary of the material financial analyses reviewed with the MDLY Board by Goldman Sachs in connection with the MDLY Board&rsquo;s
consideration of the transactions contemplated by the Agreements. The following summary, however, does not purport to be a complete
description of the financial analyses performed by Goldman Sachs, nor does the order of analyses described represent relative
importance or weight given to those analyses by Goldman Sachs. Except as otherwise noted, the following quantitative information,
to the extent that it is based on market data, is based on market data as it existed on or before August 6, 2018, the third to
last trading day before the public announcement of the transactions contemplated by the Agreements and is not necessarily indicative
of current market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Implied Value of the Consideration</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">First, in order
to create a benchmark for its financial analyses, Goldman Sachs calculated a range of implied values of the Consideration to be
paid to the holders of MDLY Class A Common Stock (other than Sierra, MCC and any of their respective affiliates, the Medley LLC
Unitholders, the holders of Medley LLC Restricted Units and the holders of MDLY RSUs) based on the exchange ratio of Sierra Common
Stock for MDLY Class A Common Stock pursuant to the MDLY Merger Agreement. Based on the results of the selected companies analysis,
as described below, Goldman Sachs applied a reference range of P/NAV (as defined below) multiples of 0.72x to 1.12x to the estimated
NAV of the Combined Company as of June 30, 2018 per the management of MDLY to derive a range of implied pro forma values per share
of Sierra Common Stock of $5.31 to $8.21. Goldman Sachs then multiplied the results by the exchange ratio of Sierra Common Stock
for MDLY Class A Common Stock pursuant to the MDLY Merger Agreement and added to this amount the MDLY Merger Cash Consideration
and the full amount of the Special Dividends. This analysis resulted in a range of implied values of the Consideration of $6.13
to $7.24.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Financial Analyses
of MDLY</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of its
financial analyses, Goldman Sachs evaluated MDLY on a stand-alone basis as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Illustrative Present Value of Future
Share Price Analysis</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Goldman Sachs performed
an illustrative analysis of the implied present value of an illustrative future value per share of MDLY Class A Common Stock,
which is designed to provide an indication of the present value of a theoretical future value of a company&rsquo;s equity as a
function of such company&rsquo;s financial multiples. For this analysis, Goldman Sachs used the Forecasts for each of the fiscal
years 2018 to 2021. Goldman Sachs first calculated the implied values per share of MDLY Class A Common Stock as of December 31
for each of the fiscal years 2018 to 2021, by applying price to forward earnings per share multiples of 6.5x, 8.6x and 10.6x earnings
per share of MDLY Class A Common Stock estimates for each of the fiscal years 2018 to 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Goldman Sachs then
discounted the implied December 31, 2018 to December 31, 2021 values back to June 30, 2018 using an illustrative discount rate
of 13.5%, reflecting an estimate of MDLY&rsquo;s cost of equity. This analysis resulted in a range of implied present values of
$5.50 to $8.05 per share of MDLY Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Illustrative Discounted
Cash Flow Analysis</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Using the Forecasts
and market data, Goldman Sachs performed an illustrative discounted cash flow analysis on MDLY to determine ranges of present
values per share of MDLY Class A Common Stock. Goldman Sachs first multiplied the estimates of levered free cash flow for MDLY
for the period beginning with the six months ended December 31, 2018 and ending December 31, 2021, as reflected in the Forecasts,
by 17.3%, the percentage of MDLY owned by the holders of MDLY Class A Common Stock. Goldman Sachs then subtracted from this amount
the estimated taxes to MDLY Class A Common Stock, as provided by the management of MDLY to derive estimates of the levered free
cash flows post-tax for MDLY Class A Common Stock. Using discount rates ranging from 10.5% to 16.5%, reflecting estimates of MDLY&rsquo;s
cost of equity, Goldman Sachs discounted to present value as of June 30, 2018: (i) estimates of levered free cash flow post-tax
for MDLY Class A Common Stock and (ii) a range of illustrative terminal values for MDLY Class A Common Stock, which were calculated
by applying perpetuity growth rates ranging from (2.0)% to 2.0%, to a terminal year estimate of the levered free cash flow to
be generated by MDLY, as reflected in the Forecasts, and multiplying this amount by 17.3%, to derive a range of illustrative equity
values for MDLY Class A Common Stock. Goldman Sachs then divided the range of illustrative equity values it derived by the number
of shares of MDLY Class A Common Stock outstanding as of August 6, 2018, as provided by the management of MDLY, to derive a range
of illustrative values per share of MDLY Class A Common Stock of $5.01 to $10.16, which includes an estimated TRA value of $0.27
per share of MDLY Class A Common Stock, which is the midpoint of the range of illustrative present values of TRA payments per
share of MDLY Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Illustrative Tax
Receivable Agreement Analysis</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As provided by
the management of MDLY, MDLY has a pre-existing contractual Tax Receivable Agreement, dated as of September 23, 2014, by and among
MDLY and each of the other persons from time to time party thereto, which is referred to as &ldquo;TRA&rdquo;, whereby MDLY (and
MDLY&rsquo;s successor in the event of a change-of-control event, including but not limited to the MDLY Merger) has, among other
things, an ongoing obligation to pay Medley LLC Unitholders 85% of all tax savings MDLY due to the tax basis step-up MDLY realizes
when Medley LLC Units are exchanged for MDLY Class A Common Stock, with MDLY retaining the remaining 15% of the tax savings for
its own account. Using MDLY&rsquo;s historical financials as provided by the management of MDLY, the Forecasts and market data,
Goldman Sachs performed an illustrative TRA analysis. Goldman Sachs performed the TRA analysis by first multiplying both (i) the
estimated TRA tax benefit created from a step-up in tax basis resulting from the MDLY Merger, as provided by the management of
MDLY and (ii) the estimated TRA tax benefit based on the trading price of MDLY Class A Common Stock on August 6, 2018, $3.60,
as provided by the management of MDLY, by 15%, the percentage of the TRA tax benefit MDLY would receive under the TRA in the event
of a change of control. Goldman Sachs then added estimated interest earned on each estimated TRA tax benefit, as provided by the
management of MDLY, to the estimated TRA tax benefits to obtain a range of total cash TRA benefits. Goldman Sachs then discounted
to present value as of June 30, 2018, assuming a 15-year useful life for the tax basis step-up, the range of estimates of the
total cash TRA benefit to holders of MDLY Class A Common Stock by applying discount rates ranging from 3.8% to 13.5%. Goldman
Sachs then calculated the net TRA payment per share of MDLY Class A Common Stock by multiplying the total cash TRA benefit by
17.3%, the percentage of MDLY owned by the holders of MDLY Class A Common Stock, and dividing the result by the number of shares
of MDLY Class A Common Stock outstanding as of August 6, 2018, as provided by the management of MDLY, to derive a range of illustrative
present values of TRA payments of $0.23 to $0.31 per share of MDLY Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Selected Transactions
Analysis </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Goldman Sachs analyzed
certain publicly available information relating to selected transactions in the alternative asset management industry since August
2016, including Barings LLC&rsquo;s acquisition of Triangle Capital Corporation; Oaktree Capital Management., L.P.&rsquo;s acquisition
of Fifth Street Asset Management Inc.; SoftBank Group Corp.&rsquo;s acquisition of Fortress Investment Group LLC; and F.A.B. Partners&rsquo;
acquisition of CIFC LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on information
in public filings relating to the applicable transaction, for each of the selected transactions, Goldman Sachs calculated and
compared the implied enterprise value of the applicable target company based on the total consideration paid in the transaction
as a multiple of the target company&rsquo;s last twelve months (&ldquo;LTM&rdquo;) earnings before interest, taxes, depreciation
and amortization (&ldquo;EBITDA&rdquo;) publicly disclosed at the time each such selected transaction was announced, which is
referred to as &ldquo;EV/LTM EBITDA&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;While none
of the selected transactions or companies that participated in the selected transactions are directly comparable to the MDLY Merger
or MDLY, each of the target companies in the selected transactions was involved in the alternative asset management industry and
the selected transactions are all of the transactions since August 2016, and that, in Goldman Sachs&rsquo; professional judgment,
involved target companies with operations that, for the purposes of the analyses, may be considered similar to certain operating
characteristics of MDLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the results
of the foregoing calculations and Goldman Sachs&rsquo; analyses of the various transactions and its professional judgment, Goldman
Sachs applied a reference range of EV/LTM EBITDA multiples of 6.1x (reflecting the minimum EV/LTM EBITDA multiple referenced above)
to 7.8x (reflecting the median and maximum EV/LTM EBITDA multiple referenced above) to MDLY&rsquo;s LTM EBITDA as of June 30,
2018, as provided by the management of MDLY, to derive a range of implied enterprise values for MDLY. Goldman Sachs then subtracted
from the range of implied enterprise values the net debt of MDLY, as provided by the management of MDLY, to derive a range of
illustrative equity values for MDLY. Goldman Sachs divided the results by the total number of shares of MDLY Class A Common Stock
outstanding as of August 6, 2018, as provided by the management of MDLY, to derive a range of implied values per share of MDLY
Class A Common Stock of $1.43 to $2.70.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>Financial Analyses
of the Combined Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of its
financial analyses, Goldman Sachs also evaluated the Combined Company as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Illustrative Combined
Company Discounted Dividend Analysis</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Goldman Sachs performed
an illustrative dividend discount model analysis on the Combined Company using the Forecasts and market data. Goldman Sachs discounted
to present value as of June 30, 2018 estimates of the dividend streams of the Combined Company for the period beginning with the
six months ended December 31, 2018 and ending December 31, 2021, as set forth in the Forecasts, and assuming a dividend payout
ratio of 100% per the management of MDLY, and an illustrative terminal value for the Combined Company, and applied discount rates
ranging from 6.0% to 8.0%. Based on the results of the selected companies analysis, as described below, Goldman Sachs applied
a reference range of P/NAV (as defined below) multiples of 0.75x to 1.09x to the estimated NAV of the Combined Company per the
management of MDLY to derive an illustrative terminal value for the Combined Company. Goldman Sachs then divided such net present
values by the estimated pro forma number of shares of Sierra Common Stock, as provided by the management of MDLY, to calculate
an illustrative range of per-share present values. This analysis resulted in a range of implied present values per share of Sierra
Common Stock of $5.85 to $8.21.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Selected Companies
Analysis</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Goldman Sachs reviewed
and compared certain financial and stock market information, ratios and public market multiples for the Combined Company to corresponding
financial and stock market information, ratios and public market multiples for the following publicly traded externally managed
BDCs and internally managed BDCs (collectively referred to as the selected companies). The externally managed BDCs consisted of
Ares Capital Corporation, Prospect Capital Corporation, Corporate Capital Trust, Inc., FS Investment Corporation TPG Specialty
Lending, Inc., Apollo Investment Corporation, Golub Capital BDC, Inc. TCG BDC Inc., New Mountain Finance Corporation, Goldman
Sachs BDC, Inc., TCP Capital Corp., Oaktree Specialty Lending Corporation, PennantPark Investment Corporation, PennantPark Floating
Rate Capital Ltd., BlackRock Capital Investment Corporation, Gladstone Investment Corporation, Oxford Square Capital Corp., Fidus
Investment Corporation, Solar Senior Capital ltd., THL Credit, Inc., Gladstone Capital Corporation, and Stellus Capital Investment
Corporation. The internally managed BDCs consisted of Main Street Capital Corporation and Hercules Capital, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although none of
the selected companies are directly comparable to the Combined Company, the companies included were chosen because they are publicly
traded companies with operations that for purposes of analysis may be considered similar to certain operations of the Combined
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Goldman Sachs also
calculated and compared various financial multiples and ratios based on information Goldman Sachs obtained from SNL Financial,
the Forecasts, publicly available historical data, market data, and Institutional Brokers&rsquo; Estimate System, or &ldquo;IBES&rdquo;,
estimates. The multiples and ratios were calculated using the applicable closing market price as of August 6, 2018. The multiples
and ratios of the selected companies were based on financial data as of March 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to
the selected companies, Goldman Sachs calculated the closing market price as a multiple of such company&rsquo;s NAV, which is
referred to as &ldquo;P/NAV&rdquo;. Goldman Sachs also calculated each selected company&rsquo;s 2019E net investment income (&ldquo;NII&rdquo;)
as a percentage of such company&rsquo;s closing market price, which is referred to as &ldquo;2019E NII/P&rdquo; (alternatively
referred to as the &ldquo;NII price yield&rdquo;), using estimates from IBES. Goldman Sachs also calculated each selected company&rsquo;s
2019E NII as a percentage of such company&rsquo;s NAV, using estimates from IBES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Using its experience
and professional judgment, Goldman Sachs made qualitative judgments concerning differences between the business, financial and
operating characteristics and prospects of the Combined Company and the selected companies and selected a reference range of (i)
multiples of estimated P/NAV of 0.75x to 1.09x and (ii) NII price yields of 11.0% to 9.0%. <FONT STYLE="color: #231F20">Goldman
Sachs then applied a P/NAV range of 0.75x to 1.09x to the Combined Company&rsquo;s estimated NAV/share, using the Forecasts. </FONT>This
analysis resulted in a range of implied price per share of Sierra Common Stock of $5.49 to $7.98. <FONT STYLE="color: #231F20">Goldman
Sachs also applied a NII price yield range of 11.0% to 9.0% to the Combined Company&rsquo;s estimated 2019E NII/Share, using the
Forecasts. </FONT>This analysis resulted in a range of implied prices per share of Sierra Common Stock of $5.31 to $6.49.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation
of financial analyses is a complex process and is not necessarily susceptible to partial analysis or summary description. Selecting
portions of the analyses or of the summary set forth above, without considering the analyses as a whole, could create an incomplete
view of the processes underlying Goldman Sachs&rsquo; financial analyses in <U>Appendix E</U> attached hereto. Goldman Sachs considered
the results of all of its analyses and did not attribute any particular weight to any factor or analysis considered by it. No
company used in the above analyses as a comparison is directly comparable to MDLY, MCC or Sierra.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consideration
to be paid to holders of MDLY Class A Common Stock was determined through arm&rsquo;s-length negotiations between MDLY and Sierra
and was approved by the MDLY Board. Goldman Sachs did not recommend any specific amount of consideration to MDLY or the MDLY Board
or that any specific amount of consideration constituted the only appropriate consideration for the transactions contemplated
by the Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><A NAME="a_26"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Reasons for the Mergers</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_27"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Sierra&rsquo;s
                                         Reasons for the Mergers</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Special Committee unanimously determined that the MCC Merger Agreement, MDLY Merger Agreement and the transactions contemplated
thereby, including, without limitation, the MCC Merger and the MDLY Merger, are advisable and fair to, and in the best interests
of, Sierra and the Sierra Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recommending that the Sierra Board approve the MCC Merger Agreement, MDLY Merger Agreement and the transactions contemplated thereby,
including the MCC Merger and the MDLY Merger, the Sierra Special Committee considered the terms of the MCC Merger Agreement, MDLY
Merger Agreement and the other transactions and agreements relating thereto. As part of its evaluation, the Sierra Special Committee
considered the financial terms, risks/challenges, timing and uncertainties of alternatives available to Sierra, as well as financial
information prepared by Management. The Sierra Special Committee consulted with outside financial and legal advisors and Management,
and took into account a number of reasons, including, among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Mergers will increase the assets under management of the Combined Company, offering the
                                         potential for greater diversification and scale;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Mergers are expected to be accretive to Sierra&rsquo;s NII, ROE, and NAV;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Mergers offer the potential for achieving cost savings, operational efficiencies and
                                         synergies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         public listing of the Combined Company will provide liquidity for Sierra Stockholders,
                                         and the market for the Combined Company&rsquo;s shares is likely to be superior to what
                                         would be expected if Sierra merely listed its shares;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Mergers will result in the internalization of management of the Combined Company, providing
                                         for greater control by the Board of the Combined Company and closer alignment of interests
                                         of Management and the Combined Company Stockholders;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         fact that the Sierra Special Committee actively negotiated the terms of the Mergers and
                                         the final terms were materially different from the terms initially presented as a potential
                                         framework around which a transaction could be consummated;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         renegotiation of the Tax Receivable Agreement is expected to provide benefits to the
                                         Combined Company because the Combined Company will no longer be contractually obligated
                                         to share substantially all of the tax savings associated with its tax basis step-up with
                                         Medley LLC Unitholders;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         financial analyses and presentations prepared by Broadhaven and its oral opinion delivered
                                         to the Sierra Special Committee on August 9, 2018, which was subsequently confirmed in
                                         writing by delivery of Broadhaven&rsquo;s written opinion dated August 9, 2018, to the
                                         effect that, as of that date and based upon and subject to various assumptions, limitations
                                         and qualifications described in its opinion, the total consideration to be paid and issued
                                         by Sierra pursuant to the MCC Merger Agreement and the MDLY Merger Agreement, considered
                                         as a whole and not in separate parts, was fair to Sierra from a financial point of view;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         compensation to be paid to members of Management has been reviewed by the Sierra Special
                                         Committee&rsquo;s compensation consultant, which has advised that the proposed compensation
                                         is reasonable and competitive with peer companies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">based
                                         on the Merger consideration to be received by Management in connection with the Mergers
                                         (as described herein), the net effect of such Merger consideration will be that Management
                                         will roll over approximately 100% of their after tax proceeds in connection with the
                                         Mergers into shares of the Combined Company Common Stock, which shares will be subject
                                         to a 12-month lock-up period, which will more closely align the interests of Management
                                         and the Combined Company Stockholders;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         investment objectives and principal investment strategies of Sierra and MCC are similar;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Mergers are expected to be tax-free to Sierra Stockholders; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         consummation of the Mergers is subject to significant conditions, including the requirement
                                         that the Mergers be approved by Sierra Stockholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_28"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>MCC&rsquo;s
                                         Reasons for the MCC Merger</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MCC Special Committee unanimously determined that the MCC Merger Agreement and the transactions contemplated thereby, including,
without limitation, the MCC Merger, are advisable and fair to, and in the best interests of, MCC and the MCC Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recommending that the MCC Board approve the MCC Merger Agreement and the transactions contemplated thereby, including the MCC
Merger, the MCC Special Committee considered the terms of the MCC Merger Agreement and the other transactions and agreements relating
thereto. As part of its evaluation, the MCC Special Committee considered the financial terms, risks/challenges, timing and uncertainties
of alternatives available to MCC, as well as financial information prepared by Management. At the time of the MCC Special Committee&rsquo;s
approval of the transaction, there was no other significant alternative transaction considered by the MCC Special Committee. The
MCC Special Committee consulted with outside financial and legal advisors and Management, and took into account a number of reasons,
including, among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Financial
Considerations</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         value of the MCC Merger Consideration to be received by the MCC Stockholders in the MCC
                                         Merger;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         fact that, since the MCC Merger Consideration will be paid in shares of Sierra Common
                                         Stock, the MCC Stockholders would have the opportunity to participate in any future earnings
                                         and growth of the Combined Company and future appreciation in the value of such shares
                                         following the Mergers should they determine to retain the shares of Sierra Common Stock
                                         payable in the MCC Merger;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         fact that the total implied value of the MCC Merger Consideration to be received by the
                                         unaffiliated MCC Stockholders in the MCC Merger is expected to result in an estimated
                                         18.52 % accretion of NII per share of MCC Common Stock for MCC Stockholders assuming
                                         flat MDLY earnings and an estimated 29.8% accretion assuming projected MDLY earnings;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         fact that the MCC Special Committee successfully negotiated an increase to the exchange
                                         ratio of Sierra Common Stock that MCC Stockholders are entitled to receive;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         belief of the MCC Special Committee that its negotiations had resulted in the highest
                                         price per share for the unaffiliated MCC Stockholders that MDLY and Sierra would support;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         financial presentation of Sandler O&rsquo;Neill to the MCC Special Committee, dated August
                                         9, 2018, and the opinion of Sandler O&rsquo;Neill to the MCC Special Committee, dated
                                         August 9, 2018, to the effect that, as of that date and based upon and subject to various
                                         assumptions, matters considered and limitations described in its opinion, the MCC Merger
                                         Consideration was fair, from a financial point of view, to holders of MCC Common Stock
                                         (other than Sierra, MDLY, and their respective affiliates).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Strategic
and Business Considerations</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         fact that the MCC Special Committee had the authority to not recommend that the MCC Board
                                         approve the MCC Merger Agreement and the MCC Board would have been precluded from approving
                                         the MCC Merger Agreement under those circumstances;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Combined Company would have greater scale for investment and financing flexibility (potential
                                         improvement in credit rating could result in lower funding costs and improved access
                                         to capital over time);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Combined Company would have a more diversified balance sheet;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Combined Company would have less relative exposure to non-accruing loans;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         internalization better aligns the incentives of Management with the MCC Stockholders
                                         as well as provides greater transparency into Management&rsquo;s structure;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Combined Company would have potential earnings enhancement over time through ownership
                                         of an asset management subsidiary;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Combined Company would be expected to have a significantly greater market capitalization
                                         and thus increased potential liquidity for MCC Stockholders;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Combined Company would be expected to be the 7th largest publicly traded BDC compared
                                         to MCC, which currently is the 23rd largest BDC;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">BDCs
                                         with internal management structures have tended to trade at less of a discount than externally
                                         managed BDCs; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">the
                                         transaction should simplify the current structure of cross-ownership and management of
                                         MCC and Sierra; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">the
                                         terms and conditions of the MCC Merger Agreement, as discussed in the section entitled
                                         &ldquo;The MCC Merger Agreement,&rdquo; which the MCC Special Committee after consulting
                                         with its legal advisors considered to be reasonable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the course of reaching the determinations and decisions and making the recommendation described above, the MCC Special Committee
considered the risks and challenges relating to the Mergers, including the following material items:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that the MCC Merger Consideration to be received by the MCC Stockholders will consist
                                         of Sierra Common Stock based on a fixed exchange ratio and that the value of the MCC
                                         Merger Consideration may decline either before or after the MCC Special Meeting and there
                                         will be no adjustment to the exchange ratio, thereby exposing the MCC Stockholders to
                                         the risks of an equity investment in Sierra Common Stock;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Combined Company has not traded before and there is no way to determine with certainty
                                         the price at which it will trade, both initially and in the long term;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">though
                                         the combined portfolio may be more diversified and have a lower percentage of non-accruing
                                         loans, the Combined Company would still have the same management team as before;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">internalizing
                                         the investment management causes some complexities in the structure;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">uncertainties
                                         about MDLY&rsquo;s ability to grow business (and earnings) as a captive asset manager;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
                                         would be a dilution in MCC Stockholder&rsquo;s influence (MCC Stockholders would own
                                         approximately 28% of the Combined Company);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MCC
                                         Stockholders would experience an approximate 8.4% dilution in NAV per share (after projected
                                         expenses associated with the transaction);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         fact that the MCC Merger Agreement precludes MCC from actively soliciting competing proposals
                                         and MCC may not terminate the MCC Merger Agreement to accept a competing proposal from
                                         a third party unless the MCC Board (or the MCC Special Committee) has determined in good
                                         faith (after consultation with its outside financial advisor and legal counsel) that
                                         the competing proposal constitutes a superior proposal and after providing notice, as
                                         applicable, and entering into good faith negotiations with Sierra, in which case MCC
                                         would be required to pay the termination fee;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         fact that not all of the conditions to the closing of the MCC Merger, including the required
                                         stockholder approvals, are within the parties&rsquo; control;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         substantial costs to be incurred by MCC in connection with the MCC Merger Agreement and
                                         the other transactions contemplated thereby, regardless of whether the MCC Merger is
                                         consummated;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         risk that the announcement and pendency of the MCC Merger could result in the disruption
                                         of MCC&rsquo;s business, including the possible diversion of management attention and
                                         potential adverse effects on MCC&rsquo;s business relationships; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         challenges inherent in the combination of three businesses, including the risk that integration
                                         of the three companies may take more time or be more costly than anticipated, and the
                                         risk that cost savings, synergies and other benefits expected to be obtained may not
                                         be fully or timely realized.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
view of the variety of factors and the amount of information considered, as well as the complexity of that information, the MCC
Special Committee did not find it practicable to, and did not, quantify, rank or otherwise assign relative weights to the specific
factors it considered in reaching its decisions. In addition, individual members of the MCC Special Committee may have given different
weight to different factors. The above factors are not listed in any particular order of priority. In the judgment of the MCC
Special Committee, the potential risks associated with the MCC Merger Agreement and the transactions contemplated thereby, including
the MCC Merger, were favorably offset by the potential benefits of the MCC Merger Agreement and the transactions contemplated
thereby, including the MCC Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><A NAME="a_028i"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>The
                                         Medley Affiliates&rsquo; Reasons for the MDLY Merger</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIC
Advisors, Sierra Management, Inc., Medley LLC, Medley Group LLC, Seth Taube, and Brook Taube (the &ldquo;<B><I>Medley Affiliates</I></B>&rdquo;)
unanimously determined that the MDLY Merger Agreement and the transactions contemplated thereby, are advisable and fair to, and
in the best interests of, the MDLY Stockholders. As part of its evaluation, the Medley Affiliates considered the financial terms,
risks/challenges, timing and uncertainties of alternatives available to MDLY, as well as financial information prepared by Management.
In that regard, the Medley Affiliates took into account a number of reasons, including, among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Mergers are expected to be accretive to the Combined Company&rsquo;s NII, return on equity,
                                         and NAV over time;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Mergers are expected to increase diversification and scale for the Combined Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Mergers offer the potential for achieving cost savings, operational efficiencies and
                                         synergies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         public listing of the Combined Company is expected to provide greater liquidity for all
                                         constituent stockholders; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</TD><TD STYLE="padding: 0; text-indent: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Mergers will simplify the overall corporate structure and more closely align the interests
                                         of Management and all constituent stockholders, providing the potential for an increase
                                         in valuation comparable to internally managed BDC peers.</FONT></TD></TR></TABLE>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><B>d</B><A NAME="a_29"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>MDLY&rsquo;s
                                         Reasons for the MDLY Merger</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MDLY Special Committee unanimously determined, and recommended that the MDLY Board determine, that the MDLY Merger Agreement and
the transactions contemplated thereby, including, without limitation, the MDLY Merger, are advisable and fair to, and in the best
interests of, MDLY and the unaffiliated MDLY Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MDLY Board and
the Medley Affiliates determined that the MDLY Merger Agreement and the transactions contemplated thereby, including, without
limitation, the MDLY Merger are advisable and fair to, and in the best interests of, MDLY and the unaffiliated MDLY Stockholders.
The Medley Affiliates were able to reach their fairness determination as to the MDLY unaffiliated security holders in light of
the fact that, among other things, all of the MDLY unaffiliated security holders and certain non-management affiliates of MDLY
will receive the same dollar amount per share for their MDLY Class A Common Stock. The MDLY Board was able to reach its fairness
determination as to the MDLY unaffiliated security holders in light of the fact that, among other things, all of the MDLY unaffiliated
security holders and certain non-management affiliates of MDLY will receive the same dollar amount per share for their MDLY Class
A Common Stock. Accordingly, the MDLY Board was able to reach its fairness determination as to unaffiliated security holders by
adopting the determinations of the MDLY Special Committee. In making its recommendation to the MDLY Board, the MDLY Special Committee
expressly relied upon, among other things, the Barclays fairness opinion, subject to the qualifications, limitations and assumptions
stated therein, together with the analyses and conclusions of Barclays in issuing its fairness opinion, including the comparable
company, comparable transaction and discounted cash flow analyses (based on the MDLY Projections) contained therein, and the other
factors considered and reviewed for informational purposes (including, without limitation, the historical share price analysis,
transaction premium analysis and current analyst price targets analysis), as further described in &ldquo;&mdash;Summary of the
Financial Presentation, dated August 9, 2018, to the MDLY Special Committee.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the factors set forth above were important to MDLY and
the Medley Affiliates in determining the fairness of the transaction to the unaffiliated security holders. With respect to whether
the consideration offered to unaffiliated security holders constitutes fair value, MDLY believes that the factors that are described
above constitute an analysis of whether the consideration offered to unaffiliated security holders constitutes fair value in relation
to current market prices, historical market prices and going concern value. Moreover, while net book value was considered as a
data point, MDLY did not consider its net book value on a stand-alone basis in considering the fairness of the transaction due
to the fact that MDLY&rsquo;s business is based on fee income rather than asset value. MDLY did not consider liquidation value
as liquidating the company was not considered.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recommending that the MDLY Board approve the MDLY Merger Agreement and the transactions contemplated thereby, including the MDLY
Merger, the MDLY Special Committee considered the terms of the MDLY Merger Agreement and the other transactions and agreements
relating thereto. As part of its evaluation, the MDLY Special Committee considered the financial terms, risks/challenges, timing
and uncertainties of alternatives available to MDLY, as well as financial information prepared by Management. The MDLY Special
Committee consulted with outside financial and legal advisors and Management, and took into account a number of reasons, including,
among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Financial
Considerations</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         aggregate value and composition of the MDLY Merger Consideration (together with the First
                                         Special Dividend and the Second Special Dividend, as applicable) to be received by the
                                         MDLY Stockholders in the MDLY Merger, including the fact that upon completion of the
                                         MDLY Merger, the unaffiliated MDLY Stockholders would receive $4.09 per share, including
                                         $0.65 payable in the form of special cash dividends, and Management would receive $3.79
                                         per share, including $0.35 payable in the form of a special cash dividend, <I>plus </I>both
                                         the unaffiliated MDLY Stockholders and Management would receive 0.3836 shares of Sierra
                                         Common Stock per share of MDLY Class A Common Stock.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that a significant portion of the MDLY Merger Consideration (together with the First
                                         Special Dividend and the Second Special Dividend, as applicable) to be received by the
                                         unaffiliated MDLY Stockholders in the MDLY Merger will be paid in cash, giving the unaffiliated
                                         MDLY Stockholders an opportunity to immediately realize value for a portion of their
                                         investment and providing certainty of value with respect to the cash portion of the MDLY
                                         Merger Consideration to be paid to the unaffiliated MDLY Stockholders.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that, since the stock portion of the MDLY Merger Consideration will be paid in shares
                                         of Sierra Common Stock, the MDLY Stockholders would have the opportunity to participate
                                         in any future earnings and growth of the Combined Company and future appreciation in
                                         the value of such shares following the Mergers should they determine to retain the shares
                                         of Sierra Common Stock payable in the MDLY Merger.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that the total implied value of the MDLY Merger Consideration (together with the
                                         First Special Dividend and the Second Special Dividend, as applicable) to be received
                                         by the unaffiliated MDLY Stockholders in the MDLY Merger represented a premium to market
                                         of approximately 100%, assuming a NAV multiple of 1.00x for Sierra, based on the closing
                                         share price of $3.45 for Class A Common Stock of MDLY on August 8, 2018 (the last trading
                                         day prior to announcement of the MDLY Merger).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fairness presentation by Barclays and its oral opinion delivered to the MDLY Special
                                         Committee on August 9, 2018 (which was subsequently confirmed in writing by delivery
                                         of Barclays&rsquo; written opinion dated August 9, 2018), that, as of such date, and
                                         based upon and subject to the qualifications, limitations and assumptions stated in its
                                         opinion, from a financial point of view, the MDLY Merger Consideration, the First Special
                                         Dividend and the Second Special Dividend to be offered to the non-management holders
                                         of MDLY Class A Common Stock in the proposed MDLY Merger is fair to such stockholders,
                                         including, without limitation, the comparable company analysis, comparable transaction
                                         analysis and discounted cash flow analysis performed by Barclays. In addition, Barclays
                                         considered and reviewed with the MDLY Special Committee other factors for informational
                                         purposes, including, among other things, the Historical Share Price Analysis, Transaction
                                         Premium Analysis and Current Analyst Price Targets Analysis, as further described in
                                         &rdquo; &mdash;Summary of the Financial Presentation, dated August 9, 2018, to the MDLY
                                         Special Committee &mdash;Summary of Material Financial Analyses&rdquo; and &rdquo; &mdash;Summary
                                         of the Financial Presentation, dated August 9, 2018, to the MDLY Special Committee &mdash;Other
                                         Factors&rdquo;.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that the MDLY Special Committee identified additional sources of value for the unaffiliated
                                         MDLY Stockholders, including that the Medley LLC Unitholders agreed to forfeit all of
                                         the benefits to which they otherwise would be entitled under the Tax Receivable Agreement
                                         in order to increase the amount of consideration available to the unaffiliated MDLY Stockholders.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that the MDLY Special Committee successfully negotiated a pre-closing special cash
                                         dividend of $0.30 to be paid only to the holders of MDLY Class A Common Stock prior to
                                         the exchange of the LLC Units.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         belief of the MDLY Special Committee that its negotiations had resulted in the highest
                                         price per share for the unaffiliated MDLY Stockholders compared to Management and that
                                         MCC and Sierra would support.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Thorough
Review of Strategic Alternatives</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that MDLY had carefully considered and evaluated, with the assistance of Management
                                         and legal and financial advisors, various potential strategic alternatives, including
                                         the robust and extensive sales processes to date run by MDLY for approximately 12 months.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         belief of the MDLY Special Committee, which belief was formed after consultation with
                                         Management and legal and financial advisors, that continuing discussions with the parties
                                         who expressed interest since May 2018, or soliciting interest from additional third parties
                                         would be unlikely to lead to a better offer and could lead to the loss of the offer in
                                         connection with the proposed MDLY Merger.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that the parties that submitted expressions of interest regarding a potential acquisition
                                         of MDLY since May 2018 were valuing MDLY, on a per share basis, at less than the value
                                         of the MDLY Merger Consideration (together with the First Special Dividend and the Second
                                         Special Dividend).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         belief of the MDLY Special Committee, which belief was formed after consultation with
                                         Management and legal and financial advisors, that the process conducted by MDLY has resulted
                                         in the highest price reasonably available to the unaffiliated MDLY Stockholders, including
                                         any standalone options.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Strategic
and Business Considerations</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The
                                         fact that the MDLY Special Committee, comprising independent, non-employee directors
                                         of the MDLY Board, and with the assistance of independent, experienced, third party financial
                                         and legal advisors, had the authority to negotiate and reject or recommend approval of
                                         the MDLY Merger Agreement and the transactions contemplated thereby, including the MDLY
                                         Merger.</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that the MDLY Special Committee had the authority to not recommend that the MDLY
                                         Board approve the MDLY Merger Agreement and the MDLY Board would have been precluded
                                         from approving the MDLY Merger Agreement under those circumstances.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         benefits to the Combined Company that could result from the Mergers, including (i) the
                                         Combined Company will have over $5 billion of assets under management, including $2 billion
                                         of internally managed assets and (ii) the Combined Company is expected to be the second
                                         largest internally managed BDC and the seventh largest publicly traded BDC.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that that the Sierra Investment Advisory Agreement and the MCC Investment Management
                                         Agreement are renewed annually, renewal effectively requires, and termination of the
                                         agreements are effectively subject only to, the approval of the Independent Directors
                                         of Sierra and MCC, and their terms provide a certain degree of leverage to Sierra and
                                         MCC given their relative importance to MDLY.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that MDLY Stockholders will have an ability to participate in the future growth
                                         of the Combined Company, including any future upside in the stock price and potential
                                         synergies expected to result from the Mergers.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         likelihood of obtaining regulatory approvals, including an exemptive order from the SEC
                                         granting relief to Sierra, MCC and MDLY under the 1940 Act to the extent necessary to
                                         consummate the Mergers and to thereafter operate as an internally managed BDC.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Terms
of the Merger Agreement </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         terms of the MDLY Merger Agreement were the result of extensive arm&rsquo;s length negotiations
                                         among Management, the MDLY Special Committee and the Sierra Special Committee.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that the MDLY Merger Agreement permits the MDLY Board (at the direction of the MDLY
                                         Special Committee) to change its recommendation that the MDLY Stockholders vote in favor
                                         of the adoption of the MDLY Merger Agreement in response to certain acquisition proposals,
                                         if the MDLY Board (at the direction of the MDLY Special Committee) determines that failure
                                         to change its recommendation could reasonably be expected to be inconsistent with its
                                         fiduciary duties, subject to certain procedural requirements set forth in the MDLY Merger
                                         Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that the MDLY Board could terminate the MDLY Merger Agreement to accept a &ldquo;superior
                                         proposal&rdquo; from a third party, subject to certain procedural requirements set forth
                                         in the MDLY Merger Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         payment of a reasonable termination fee equal to $5,350,000 by MDLY or Sierra in certain
                                         instances following termination of the MDLY Merger Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that appraisal rights would be available to MDLY Stockholders who comply with all
                                         of the required procedures under the DGCL, which allows such holders to seek appraisal
                                         of the fair value of their shares as determined by the Delaware Court of Chancery.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MDLY Special Committee also considered certain potentially negative factors in its deliberations concerning the MDLY Merger, including,
but not limited to, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that a significant portion of the MDLY Merger Consideration to be paid to MDLY Stockholders
                                         will be paid in cash and, with respect to that portion of the consideration, the MDLY
                                         Stockholders will not participate in the future growth of the Combined Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that the stock portion of the MDLY Merger Consideration to be received by the MDLY
                                         Stockholders will consist of Sierra Common Stock based on a fixed exchange ratio and
                                         that the value of the stock portion of the MDLY Merger Consideration may decline either
                                         before or after the special meeting of MDLY stockholders and there will be no adjustment
                                         to the exchange ratio, thereby exposing the MDLY Stockholders to the risks of an equity
                                         investment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         uncertainty as to the price at which the Sierra Common Stock will trade as of the consummation
                                         of the MDLY Merger.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that consummation of the MDLY Merger is not conditioned on the approval of a majority
                                         of the unaffiliated MDLY Stockholders.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that, while members of Management will own approximately 6.2% of the shares of the
                                         Combined Company Common Stock, the unaffiliated MDLY Stockholders would hold only approximately
                                         1.4% of the shares of the Combined Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that the MDLY Merger Agreement precludes MDLY from actively soliciting competing
                                         proposals and MDLY may not terminate the MDLY Merger Agreement to accept a competing
                                         proposal from a third party unless the MDLY Board (or the MDLY Special Committee) has
                                         determined in good faith (after consultation with its outside financial advisor and legal
                                         counsel) that the competing proposal constitutes a superior proposal and after providing
                                         notice, as applicable, and entering into good faith negotiations with Sierra, in which
                                         case MDLY would be required to pay the termination fee.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that not all of the conditions to the closing of the MDLY Merger, including the
                                         required stockholder approvals, are within the parties&rsquo; control.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         fact that the MDLY Merger Agreement contains certain restrictions on the ability of MDLY
                                         to conduct its business in the period between signing and closing, so that Sierra&rsquo;s
                                         consent is required in respect of certain corporate actions, the entry into certain contracts,
                                         the acquisition or disposition of material assets, certain compensation actions, and
                                         other matters.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         substantial costs to be incurred by MDLY in connection with the MDLY Merger Agreement
                                         and the other transactions contemplated thereby, regardless of whether the MDLY Merger
                                         is consummated.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         risk that the announcement and pendency of the MDLY Merger could result in the disruption
                                         of MDLY&rsquo;s business, including the possible diversion of management and employee
                                         attention, potential employee attrition and potential adverse effects on MDLY&rsquo;s
                                         business relationships.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         challenges inherent in the combination of three businesses, including the risk that integration
                                         of the three companies may take more time or be more costly than anticipated, and the
                                         risk that cost savings, synergies and other benefits expected to be obtained may not
                                         be fully or timely realized.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MDLY Special Committee
considered the factors taken into account by Barclays in issuing its fairness opinion. In determining the MDLY Merger is advisable
and fair to, and in the best interests of, MDLY and the unaffiliated MDLY Stockholders, the MDLY Special Committee expressly adopted
the analysis and conclusions of Barclays in issuing its fairness opinion as part of its considerations in making such determination.
See &ldquo;&mdash;Summary of the Financial Presentation, dated August 9, 2018, to the MDLY Special Committee&mdash;Summary of
Material Financial Analyses&rdquo; and &ldquo;&mdash;Summary of the Financial Presentation, dated August 9, 2018, to the MDLY
Special Committee&mdash;Other Factors&rdquo; for a summary of the factors used by Barclays in issuing its fairness opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
view of the variety of factors and the amount of information considered, as well as the complexity of that information, the MDLY
Special Committee did not find it practicable to, and did not, quantify, rank or otherwise assign relative weights to the specific
factors it considered in reaching its decisions. In addition, individual members of the MDLY Special Committee may have given
different weight to different factors. The above factors are not listed in any particular order of priority. In the judgment of
the MDLY Special Committee, the potential risks associated with the MDLY Merger Agreement and the transactions contemplated thereby,
including the MDLY Merger, were favorably offset by the potential benefits of the MDLY Merger Agreement and the transactions contemplated
thereby, including the MDLY Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><A NAME="a_8e"></A><B>9.</B></TD><TD STYLE="text-align: justify"><B><U>Subsequent
                                         Proposals</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On January 24,
2019, NexPoint Advisors, L.P. (&ldquo;<B><I>NexPoint</I></B>&rdquo;) submitted an unsolicited proposal to the MCC Special Committee
that MCC appoint NexPoint as an investment adviser to replace MDLY. According to NexPoint, the proposal contemplated a one-time
payment by NexPoint of $10 million to MCC, management fees of 1.25% of assets under management per year for three years, and the
purchase by NexPoint and its affiliates of at least $5 million of MCC Common Stock per quarter over five quarters either (i) from
MCC at a volume weighted average price per share over a 30 day period prior to each quarter end or (ii) in open market purchases
at the then current market price (the &ldquo;<B><I>NexPoint Proposal 1</I></B>&rdquo;). The MCC Special Committee considered the
NexPoint Proposal 1 in consultation with its independent legal and financial advisors. Following a rigorous and thorough review
of the NexPoint Proposal 1, the MCC Special Committee unanimously recommended that the MCC Board determine, and, at a separate
meeting, the MCC Board unanimously determined, that it was desirable and in the best interests of MCC and MCC Stockholders to
decline to pursue NexPoint Proposal 1. In making this determination, the MCC Special Committee took into account the following
factors, among others: (i) the NexPoint Proposal 1 would cause MCC to remain a limited small-scale standalone BDC; (ii) the NexPoint
Proposal 1 did not offer any plan or specifics on how to strengthen/manage MCC&rsquo;s existing invested portfolio; (iii) the
NexPoint Proposal 1 did not offer the advantages of an internal management structure (that results from the Mergers) which effectively
provides for, among other things, an alignment of management and shareholder interests, management fees to be paid to MCC itself
and the potential for growth in earnings based on management fees earned by MDLY from all of its clients; (iv) the proposed payment
for the management contract represented a percentage of MCC&rsquo;s assets under management that was below those percentages observed
in other transactions (which were identified based on publicly available information with the assistance of the MCC Special Committee&rsquo;s
financial advisor) where managers made payments in order to assume other BDC management contracts; and (v) the NexPoint Proposal
1 did not meet the definition of a MCC Merger Competing Proposal and thus by definition also did not constitute a MCC Merger Superior
Proposal (collectively, the &ldquo;<B><I>Proposal Factors</I></B>&rdquo;). </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On January 31,
2019, NexPoint submitted another unsolicited proposal to the MCC Special Committee that MCC merge into Sierra and that the surviving
company enter into an external investment advisory agreement with NexPoint to replace MDLY as investment adviser. According to
NexPoint, the proposal contemplated a one-time payment by NexPoint of $25 million to the surviving company, management fees of
1.25% of assets under management per year for three years, an unspecified incentive fee, the purchase by NexPoint and its affiliates
of at least $5 million of the surviving company&rsquo;s common stock per quarter over five quarters either (i) from the surviving
company at a volume weighted average price per share over a 30 day period prior to each quarter end or (ii) in open market purchases
at the then current market price, and the purchase by NexPoint of an additional $25 million of the surviving company&rsquo;s common
stock to the extent of incentive fees received from the surviving company (the &ldquo;<B><I>NexPoint Proposal 2</I></B>&rdquo;).
The MCC Special Committee considered the NexPoint Proposal 2 in consultation with its independent legal and financial advisors.
Following a rigorous and thorough review of the NexPoint Proposal 2, the MCC Special Committee unanimously recommended that the
MCC Board determine, and, at a separate meeting, the MCC Board unanimously determined, that it was desirable and in the best interests
of MCC and MCC Stockholders to decline to pursue NexPoint Proposal 2. In making this determination, the MCC Special Committee
took into account factors (iii), (iv) and (v) of the Proposal Factors above. In addition, the MCC Special Committee took into
account the following factors, among others: (i) execution of the proposal was not possible as it was the MCC Special Committee&rsquo;s
understanding that the Sierra Board had also declined to pursue to the proposal and Sierra&rsquo;s participation was necessary;
(ii) key terms were lacking such as the level of incentive fees and BDC non-management expenses; and (iii) the non-compelling
record and experience of NexPoint (including its affiliate, Highland Capital). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Also, on January
31, 2019, NexPoint submitted an unsolicited proposal to the Sierra Special Committee comprising substantially the same terms as
NexPoint&rsquo;s proposal submitted to the MCC Special Committee on the same date. The Sierra Special Committee considered the
NexPoint proposal in consultation with its independent legal and financial advisors. Following a rigorous and thorough review
of the proposal, the Sierra Special Committee unanimously recommended that the Sierra Board determine, and, at a separate meeting,
the Sierra Board unanimously determined, that it is desirable and in the best interests of Sierra and Sierra Stockholders to decline
to pursue NexPoint&rsquo;s proposal. In arriving at its recommendation, the Sierra Special Committee concluded that the NexPoint
proposal (1) materially undervalued the management contract; (2) eliminated important benefits of the Mergers, including internalization
of asset management, NAV accretion and dividend increase; and (3) contained a fee structure that was short-term and included payment
to NexPoint of incentives fees but did not state how the incentive fee would be determined. In addition, the Sierra Special Committee
took into account NexPoint&rsquo;s history as an asset manager, which included litigation and a cease-and-desist order issued
by the SEC against an affiliate, and was not convinced of NexPoint&rsquo;s middle market credit expertise, which is the principal
focus of Sierra. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A NAME="a_30"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Legal Analysis</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed above, pursuant to the DGCL, upon consummation of the MDLY Merger, all the property, rights, privileges and powers of
MDLY and Merger Sub shall be vested in Merger Sub as the surviving company, and all debts, liabilities and duties of MDLY shall
become the debts, liabilities and duties of Merger Sub. In addition, upon consummation of the MCC Merger, Sierra will acquire
all of the property of MCC. These transactions could be deemed to require relief from Section 12(d)(3), 17(a) or 57(a) under the
1940 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><A NAME="a_31"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Sections 57(a)(1), (2) and (4)</U></FONT></TD></TR>
</TABLE>


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<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_32"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Applicable
                                         Law</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
relevant part, Section 57(a) makes it unlawful for any person related to a BDC in a manner described in Section 57(b), acting
as principal,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">knowingly
                                         to sell any security or other property to such business development company or to any
                                         company controlled by such business development company, unless such sale involves solely
                                         (A) securities of which the buyer is the issuer, or (B) securities of which the seller
                                         is the issuer and which are part of a general offering to the holders of a class of its
                                         securities; [and]</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">knowingly
                                         to purchase from such business development company or from any company controlled by
                                         such business development company, any security or other property (except securities
                                         of which the seller is the issuer) . . . .</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
57(b), in turn, provides, in pertinent part, that Section 57(a) applies to, among other persons, any person directly or indirectly
controlled by or under common control with a BDC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2(a)(3)(C) defines an &ldquo;affiliated person&rdquo; of another person to include any person directly or indirectly controlling,
controlled by, or under common control with, such other person. Section 2(a)(3)(E) defines an &ldquo;affiliated person&rdquo;
of another person, if such other person is an investment company, any investment adviser thereof or any member of an advisory
board thereof. The statute then sets forth the interpretation that: any person who owns beneficially, either directly or through
one or more companies, more than 25% of the voting securities of the company will be presumed to control such company; any person
who does not so own more than 25% of the voting securities of the company, will be presumed not to control such company; and a
natural person will be presumed not to be a controlled person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;57(a)(4)
generally prohibits a 57(b) person from effecting a transaction in which the BDC is a joint participant absent receipt of an order.
Rule&nbsp;17d-1,&nbsp;made applicable to transactions subject to Section 57(a)(4) by Section&nbsp;57(i) to the extent the SEC
has not adopted a rule under Section&nbsp;57(a)(4), generally proscribes participation in a &ldquo;joint enterprise or other joint
arrangement or profit-sharing plan.&rdquo;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_33"></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>b.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Need
                                         for Relief</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
of MCC Advisors, investment adviser to MCC and future investment adviser to the Combined Company, and SIC Advisors, current investment
adviser to Sierra, is wholly-owned by Medley LLC. MDLY&rsquo;s sole material asset is a controlling equity interest in Medley
LLC. MDLY operates and controls all of the business and affairs and consolidates the financial results of Medley LLC and its subsidiaries.
Additionally, Sierra and MCC, by virtue of their advisory relationships with SIC Advisors and MCC Advisors, respectively, could
be deemed to be affiliates of the Advisers, and MCC, Sierra and Medley LLC could be deemed to be &ldquo;under common control&rdquo;
as set forth in Section 57(b), due to each of their affiliations with MDLY. As such, the transactions contemplated by the Proposed
Business Combination could be deemed to violate paragraphs (1), (2) and (4) of Section 57(a).</FONT> </P>


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<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_34"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Requested
                                         Exemptions</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
the Applicants respectively request an Order of the SEC pursuant to Section 57(c) of the 1940 Act exempting, from the provisions
of Sections 57(a)(1) and (2), the respective transactions involved in the Mergers, to the extent necessary to facilitate the transfer
of assets and other transactions incident to the consummation of the Proposed Business Combination. The Applicants are also seeking
relief pursuant to Section 57(i) and Rule 17d-1 from the provisions of Section 57(a)(4) to the extent necessary to permit consummation
of the Mergers, notwithstanding the joint transaction prohibitions of Section 57(a)(4). In addition, the Applicants are seeking
relief pursuant to Section 57(i) and Rule 17d-1 from the provisions of Section 57(a)(4) to the extent necessary to permit the
payment of certain termination fees pursuant to the terms of the MCC Merger Agreement and/or the MDLY Merger Agreement, as applicable,
notwithstanding the joint transaction prohibitions of Section 57(a)(4).</FONT> </P>

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<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_35"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>d.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Precedents</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has previously granted relief to permit the transfer of assets to or from a BDC to effect a merger or consolidation of two
or more entities to effect an internalization of a previously external investment management function. For example, in <U>Allied
Capital Corp.</U>,<SUP>3 </SUP>relief was granted exempting the applicants from, among other provisions, Section 57(a) to permit
the consolidation of multiple BDCs and their external investment adviser. After the consolidation transaction (the &ldquo;<B><I>Allied
Consolidation</I></B>&rdquo;), Allied I and Allied II, each of which had elected to be regulated as a BDC under the 1940 Act,
Allied Commercial, a real estate investment trust (&ldquo;<B><I>REIT</I></B>&rdquo;), and Allied Capital Advisers, Inc., the investment
adviser to those entities, merged into Allied Capital Lending Corporation (after the consolidation transaction, &ldquo;<B><I>ACC</I></B>&rdquo;),
with ACC operating as an internally managed BDC with two wholly owned BDC subsidiaries going forward.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the Allied
Consolidation, multiple publicly held BDCs combined with a publicly held registered investment adviser. The only material
difference in the structure of the Allied Consolidation from the structure of the Proposed Business Combination is that
post-Proposed Business Combination, Sierra will indirectly own registered investment advisers. There are safeguards
contemplated by  the Proposed Business Combination, similar to the Allied Consolidation, to ensure fairness to all of the
Consolidating Entities. Similar to the Allied Consolidation, through reliance on independent directors, who were assisted by
independent financial advisors and independent counsel, a fair result would be achieved for stockholders of the Consolidating
Entities, notwithstanding the participation of management affiliates in the transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in <U>Tyler Cabot Mortgage Securities Fund. Inc.</U>,<SUP>4</SUP> the SEC granted relief from Section 17(a) to
permit a diversified closed-end management investment company (&ldquo;<B><I>Tyler Cabot</I></B>&rdquo;) to merge into a REIT (&ldquo;<B><I>Capstead</I></B>&rdquo;).
Tyler Cabot and Capstead were Maryland corporations with publicly-traded stock. Relief was required because each was advised by
an investment adviser that was a wholly-owned subsidiary of a common parent. Although this transaction did not involve a BDC and
did not request relief in connection with an internalization transaction, it is similar to the Proposed Business Combination,
as it involved</FONT> the merger of one closed-end investment entity into another that were both under common control. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3
</SUP>Allied Capital Corp., et al. (File No. 812-10870), Investment Company Act Release No. 22902 (Dec. 1, 1997) (notice), Investment
Company Act Release No. 22941 (Dec. 16, 1997) (order)<I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4
</SUP>Tyler Cabot Mortgage Securities Fund. Inc. (File No. 812-7984), Investment Company Act Release No. 19072 (Nov. 2, 1992)
(notice), Investment Company Act Release No. 19134 (Dec. 1, 1992) (order).</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><A NAME="a_36"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Legal Arguments</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Combined Company&rsquo;s increased size, increased portfolio diversity, and its mix of current and capital gain income should
all provide increased benefits for stockholders. The Proposed Business Combination should also enable the Combined Company to
improve employee recruitment efforts and employee retention. The Proposed Business Combination also would eliminate any perceived
conflict between the external adviser and the managed fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_37"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>i.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Relief
                                         Pursuant to Section 57(c)</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
57(c) of the 1940 Act directs the SEC to exempt a transaction from one or more provisions of Sections 57(a)(1) and (2) if all
three of the following standards are met:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         terms of the proposed transaction are reasonable and fair and do not involve overreaching
                                         of the BDC or its stockholders on the part of any person concerned;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         proposed transaction is consistent with the policy of the BDC as recited in its filings
                                         with the SEC under the 1933 Act and the 1934 Act, and in its reports to stockholders;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         proposed transaction is consistent with the general purposes of the 1940 Act.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 2in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><B>(<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A)</FONT></B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Reasonable
                                         and Fair without Overreaching</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Proposed Business Combination, whereby shares of each of MCC and MDLY will be converted into the right to receive shares of Sierra,
would benefit stockholders in a number of ways. As noted above, the Combined Company&rsquo;s increased size, increased portfolio
diversity, and the potential for realizing meaningful accretion to NII, NAV and ROE should provide increased benefits for stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Proposed Business Combination should also enable the Combined Company to improve employee recruitment efforts and employee retention.
The highly specialized nature of Sierra&rsquo;s business, the competitiveness of the markets in which Sierra operates, and the
skills and the importance of its employees and directors make retention even more critical. Historically, Sierra has not issued
any equity-based compensation. In connection with Sierra internalizing its investment management function, Sierra will offer equity-based
compensation to its employees and directors. Sierra believes that its ability to offer equity-based compensation to its employees
and directors both aligns employee and director interests with stockholder interests and provides a valuable retention tool. The
Proposed Business Combination also would eliminate any perceived conflict between the external adviser and the managed fund, as
Merger Sub would be wholly owned by the Combined Company, and the Combined Company and Merger Sub are directly or indirectly overseen
by the Combined Company Board. For greater detail concerning the benefits of the Proposed Business Combination for stockholders,
see the discussion under &ldquo;The Proposed Business Combination &ndash; Reasons of the Proposed Business Combination.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
involvement of the boards of the Consolidating Entities, including each of the MCC, MDLY and Sierra Special Committees,
and the fact that each Special Committee was assisted by its own independent counsel in connection with the Proposed
Business Combination and received a fairness opinion from its own independent financial advisor indicate that reasonable
steps have been taken to ensure that no overreaching on the part of any person occurs in connection with the Proposed
Business Combination. The financial, strategic and other factors considered by each of the Sierra Special Committee, the MCC
Special Committee, and the MDLY Special Committee, as  described in the section entitled &ldquo;Reasons for
the Mergers&rdquo;, led each of the Sierra Special Committee, the MCC Special Committee, and the MDLY Special Committee to
conclude that, as applicable, the MCC Merger Agreement, including the transactions contemplated thereby, and the MDLY Merger
Agreement, including the transactions contemplated thereby, including the consideration to be paid, in the case of Sierra, and
the consideration to be received, in the case of MCC and MDLY, are reasonable and fair to the unaffiliated stockholders of their respective companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Proposed Business Combination would also be consistent with the stated investment policies of each of the Consolidating Entities,
as the Combined Company will continue to pursue the same line of business of MDLY, as well as the line of business represented
by the current operations of MCC and Sierra. Following the Proposed Business Combination, the Combined Company will maintain Sierra&rsquo;s
current investment objective, which is to generate current income, and to a lesser extent, long-term capital appreciation by primarily
lending to and investing in the debt of privately-owned U.S. middle-market companies. MCC has a similar investment objective and
strategies as Sierra. The Combined Company also will continue to pursue the same principal investment strategies as Sierra, which
focuses primarily on sourcing investments in private U.S. companies as it seeks to construct a portfolio that generates what it
believes to be superior risk adjusted returns, and is centered around three principles including (i) disciplined due diligence
of each company&rsquo;s credit fundamentals; (ii) a detailed and customized structuring process for directly originated investments
and (iii) regular and ongoing monitoring of the portfolio and proactive risk management. Ownership of an advisory business is
consistent with these investment strategies as it is aligned with the Combined Company&rsquo;s investment objective to generate
current income and,&nbsp;as a wholly owned subsidiary of the Combined Company, the Combined Company is expected to receive dividend
income from the advisory businesses, which will inure to the benefit of the Combined Company Stockholders in the form
of distributions paid by the Combined Company.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left">(B<B>)</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Consistent
                                         with the Policies of the BDC</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sierra Joint Proxy Statement/Prospectus describes the investment objective and/or strategies of each of the Consolidating Entities
and how, if at all, the Proposed Business Combination would affect them, as well as other information pertinent to the Proposed
Business Combination. The Proposed Business Combination, if and when effected, would be consistent with public disclosures of
each of the Consolidating Entities. In this regard, the investment policy and strategies of the Combined Company would be consistent
with the respective investment strategies of Sierra and MCC.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left">(<B>C<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Consistent
                                         with the Purposes of the 1940 Act</U></B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Proposed Business Combination would be consistent with the general purposes of the 1940 Act because none of the conditions enumerated
in Section 1(b) thereof are involved. Section l(b)(2) declares it against the public interest when investment companies are: &ldquo;organized,
operated, managed or their portfolio securities are selected&rdquo; in the interest of, among other things, the investment company&rsquo;s
officers, directors, investment adviser, or affiliated persons thereof. As explained above, the Proposed Business Combination
is being proposed to benefit the current as well as future stockholders of the Consolidating Entities, and no entity or individual
beyond those entities stands to gain from the Proposed Business Combination (other than to the extent that certain individuals
will have employment agreements with the Combined Company) at the expense of such stockholders.<SUP>5</SUP> Indeed, Merger Sub,
as the investment adviser to the Combined Company, the entity with respect to which the greatest possibility of overreaching exists,
would participate in the Proposed Business Combination on the same basis as the other Consolidating Entities.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Proposed Business Combination also comports with the policies underlying Rule 17a-8 under the 1940 Act, which, as noted above,
exempts &ldquo;a merger, consolidation or other purchase or sale of substantially all of the assets involving registered investment
companies which may be affiliates ... solely by reason of having a common investment adviser, common directors, and/or officers.
.. . .&rdquo; As the SEC noted in the release proposing Rule 17a-8:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
a merger involves investment companies which are affiliated persons exclusively by virtue of having a common investment adviser,
directors and/or officers, <U>no person who is responsible for evaluating and approving the terms of the transaction on behalf
of the various participating investment companies would have a significant personal financial interest in improperly influencing
these terms</U>. . . .Nonetheless, the Commission ... believes that any exemptive rulemaking pertaining to such transactions should
be conditioned upon the board of directors, including a majority of specified disinterested directors, of each participating investment
company making certain determinations to ensure that the interests of the investment companies and their stockholders regarding
such a transaction are not compromised.<SUP>6</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Combined
Company&rsquo;s ownership of registered investment advisers would be consistent with the general purposes of the 1940 Act.
The Combined Company Stockholders would be expected to receive dividend income from the various registered investment
advisers, which will inure to the benefit of the Combined Company Stockholders in the form of distributions paid by the
Combined Company. In addition, the Mergers will result in the internalization of management of the Combined Company,
providing for greater control by the Board of the Combined Company over the provision of investment management services to
the Combined Company and closer alignment of interests of Management and the Combined Company Stockholders.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.9pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 39pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted above, each of the boards and Special Committees of the Consolidating Entities, including the Independent Directors, have
approved the transaction as being in the best interest of their respective Consolidating Entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 39pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Applicants
also submit that payment of certain termination fees is consistent with the purposes of the 1940 Act. In that regard, in the event
the MCC Merger Agreement is terminated, in accordance with its terms, in certain circumstances (specifically, the failure of the
MCC Board to include in the MCC Proxy Statement its recommendation that MCC Stockholders vote in favor of the adoption of the
MCC Merger Agreement, a change of the MCC Board&rsquo;s recommendation and/or the MCC Board&rsquo;s determination to enter into
an agreement with respect to a superior proposal), MCC must pay Sierra a termination fee. Conversely, in the event the MCC Merger
Agreement is terminated as a result of the Sierra Board taking the relevant actions described above, Sierra must pay the termination
fee to MCC. The amount of the termination fee, and the circumstances in which it may be payable, were negotiated by the respective
special committees taking into account market precedent. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The
MDLY Merger Agreement includes similar provisions with respect to the potential payment of a termination fee by MDLY or
Sierra, as applicable, with certain differences regarding when a MDLY Adverse Recommendation Change may be made and the
circumstances in which the termination fee would be payable. As with the MCC Merger Agreement, the amount of the termination
fee, and the circumstances in which it may be payable under the MDLY Merger Agreement, were negotiated by the respective
special committees taking into account market precedent. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Applicants
submit that the terms of the MCC Merger Agreement providing for a possible payment of a termination fee by MCC or Sierra and in
the MDLY Merger Agreement for a possible payment of a termination fee by MDLY or Sierra are consistent with the purposes of the
1940 Act because, in the case of the MCC Merger Agreement, the amount of the termination fee, and the circumstances in which it
may be paid, by MCC to Sierra, and by Sierra to MCC, are identical. Similarly, in the case of MDLY Merger Agreement, the amount
of the termination fee, and the circumstances in which it may be paid, by MDLY to Sierra, and by Sierra to MDLY, are identical.
Moreover, in the case of each of the MCC Merger Agreement and the MDLY Merger Agreement, the amount of the termination fee, and
the circumstances in which it may be payable under the MCC Merger Agreement and the MDLY Merger Agreement, as applicable, were
negotiated by the respective special committees taking into account market precedent. Accordingly, the participation of MCC and
Sierra is not on a basis different from or less advantageous than that of other participants. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><SUP>5</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As described in further detail above under &ldquo;&mdash;The
MDLY Merger Agreement&mdash;Consideration,&rdquo; in the MDLY Merger, all holders of shares MDLY Class A Common Stock (other than
Dissenting Shares and shares of MDLY Class A Common Stock held by MDLY, Sierra or their respective wholly owned subsidiaries)
will have the right to receive (i) 0.3836 shares of Sierra Common Stock; plus (ii) cash in an amount equal to $3.44 per share.
In addition, the holders of shares of MDLY Class A Common Stock (other than the current holders of Medley LLC Units) will have
the right to receive $0.65 per share of special dividends (or other payments), to the extent and as described more fully above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6
</SUP>(Emphasis added). <I>See</I> Investment Company Act Release No. 10886 (Oct. 3, 1979).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>ii.</B></TD><TD STYLE="text-align: justify"><B><U>Relief
                                         Pursuant to Rule 17d-1(b)</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Section
57(a)(4) generally prohibits a 57(b) person from effecting a transaction in which the BDC is a joint participant absent
receipt of an order. Rule 17d-1, which generally proscribes participation in a &ldquo;joint enterprise or other joint
arrangement or profit-sharing plan,&rdquo; was promulgated by the SEC pursuant to Section 17(d) and made applicable to
persons subject to Sections 57(b) by Section 57(i), to the extent specified therein. Section 57(i) provides that, until the
SEC prescribes rules under Sections 57(a) and (d), the SEC's rules under Section 17(d) applicable to registered closed-end
investment companies will be deemed to apply to persons subject to the prohibitions of Section 57(a) or (d). Because the SEC
has not adopted any rules under Section 57(a) or (d), Rule 17d-1 applies to persons subject to the prohibitions of Section
57(a) or (d). In accordance with Rule 17d-1 (made applicable to transactions subject to Section 57(a) or (d) by Section
57(i)), the SEC may grant the requested relief as to any particular joint transaction if it finds that the participation of
the registered or controlled company in the joint transaction is consistent with the provisions, policies and purposes of the
1940 Act and is not on a basis different from or less advantageous than that of other participants. The Proposed Business
Combination, which encompasses separate, yet related transactions, could be deemed a joint agreement prohibited under Section
57(a)(4) and Rule 17d-1. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Proposed
Business Combination would be consistent with the general purposes of the 1940 Act. Section l(b)(2) of the 1940 Act declares
it against the public interest when investment companies are: &ldquo;organized, operated, managed or their portfolio
securities are selected&rdquo; in the interest of, among other things, the investment company&rsquo;s officers, directors,
investment adviser, or affiliated persons thereof. The Proposed Business Combination is expected to benefit the current as
well as future Combined Company Stockholders, and no entity or individual beyond the Consolidating Entities and their respective
stockholders stands to gain from the Proposed Business Combination (other than to the extent that certain individuals will
have employment agreements with the Combined Company) at the expense of the Combined Company Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="background-color: white">In
addition, the participation of MCC, Sierra and MDLY in the Proposed Business Combination is not on a basis different or
less advantageous than that of other participants. Various safeguards were implemented to protect against actual and
potential conflicts of interests in light of the fact that the Proposed Business Combination required agreement among
Management and three affiliated, separate and distinct public entities,&nbsp;</FONT>one of which, MDLY, is controlled by
Management through majority equity ownership and two of which, Sierra and MCC, are managed by subsidiaries of MDLY. In order
to mitigate such conflicts, each of the Sierra Board, the MCC Board, and the MDLY Board formed a special committee, comprised
solely of independent directors of each respective board.&nbsp;Each of the Sierra Special Committee, MCC Special Committee
and MDLY Special Committee exercised the authority, granted by each respective board, <FONT STYLE="background-color: white">to
hire advisors that it deemed appropriate, including in each case its own independent legal counsel and independent
financial advisor</FONT> to, among other things,&nbsp;evaluate and review the terms of the MCC Merger and/or the MDLY Merger,
including the termination fees payable thereunder, as applicable, or any alternatives thereto. Moreover, going forward, each
participant in the Proposed Business Combination will be part of, or conducting their operations as though they comprise, one
company, which will have the potential to enhance the interests of the Combined Company Stockholders while retaining the
protections of the 1940 Act. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><A NAME="a_38"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section 12(d)(3)</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">As
noted above, as a result of the Proposed Business Combination, the principal difference from the post-transaction structure of
the Allied Consolidation is that post-Proposed Business Combination, the Combined Company will own Merger Sub, which, as the successor
to MDLY, will be a holding company for the Advisers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_39"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Applicable
                                         Law</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12(d)(3), made applicable to BDCs by Section 60, generally prohibits BDCs from acquiring any security issued by any person who
is a broker, dealer, or a registered investment adviser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule
12d3-1 provides two exemptions from Section 12(d)(3)&rsquo;s prohibitions. First, paragraph (a) of Rule 12d3-1 permits an investment
company to purchase the securities of an issuer (except the securities of its own investment adviser, promoter or principal underwriter
or their affiliates), provided that the issuer&rsquo;s revenues from &ldquo;securities related activities&rdquo; in its most recent
fiscal year do not exceed 15% of the issuer&rsquo;s gross revenues. In addition, paragraph (b) of Rule 12d3-1 establishes a separate
exemption to permit an investment company to acquire any security of an issuer that derives more than 15% of its gross revenues
from securities related activities, provided that, among other things, immediately after the acquisition of an equity or debt
security of the issuer: (i) the investment company has not invested more than 5% of the value of its total assets in securities
of that issuer and (ii) the investment company owns not more than 5% of the outstanding securities of that class of the issuer&rsquo;s
securities or 10% of the outstanding principal amount of the issuer&rsquo;s debt securities, as applicable. Subparagraph (d)(1)
of Rule 12d3-1 defines &ldquo;securities related activities&rdquo; to mean a person&rsquo;s activities as a broker, dealer, underwriter
or registered investment adviser or investment adviser to a registered investment company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_40"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Need
                                         for Relief</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
Proposed Business Combination could be deemed to violate Section 12(d)(3) because it would result in the Combined Company acquiring
indirect 100% ownership interests in the Advisers, each of which will be an issuer that derives more than 15% of its gross revenues
from &ldquo;securities related activities,&rdquo; in excess of the quantitative limitations set forth in Rule 12d3-1(b). The Proposed
Business Combination could be deemed to violate Rule 12d3-1(c)(3) because it would result in the Combined Company acquiring securities
issued by an affiliate of its investment adviser. The Advisers are not expected to be broker-dealers that are primarily engaged
in the business of underwriting and distributing securities issued by other persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_41"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Requested
                                         Exemptions</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; background-color: white">The
Applicants hereby apply for an order pursuant to Section&nbsp;6(c)&nbsp;of the 1940 Act exempting the Combined Company from the
provisions of Section&nbsp;12(d)(3)&nbsp;of the 1940 Act to the extent necessary to permit the Combined Company to acquire a 100%
ownership interest in Merger Sub, a holding company for the Advisers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_42"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>d.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Legal
                                         Arguments</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has stated that &ldquo;[w]hile the reasons for Congress prohibiting investment company investments in securities related businesses
are not addressed in much detail in the 1940 Act&rsquo;s legislative history, it appears that Congress had two purposes. First,
Congress wished to limit, at least to some extent, the exposure of registered investment companies to entrepreneurial risks peculiar
to securities related businesses.&rdquo; <SUP>7</SUP> The SEC further stated that &ldquo;[a] second purpose of the provision appears
to have been to prevent potential conflicts of interest and reciprocal practices.&rdquo;<SUP>8</SUP> Section 12(d)(3) is one of
several provisions of the 1940 Act designed to limit, and in some instances eliminate, interrelationships between investment companies
and brokers, dealers, underwriters and investment advisers.<SUP>9</SUP> However, as the SEC acknowledged in the proposing release
to Rule 12d3-1, the &ldquo;evidence indicates that today [Section 12(d)(3)] often prevents investment companies from making investments
that may be in the best interests of their shareholders.&rdquo;<SUP>10</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>i.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Avoiding
                                         the Entrepreneurial Risks of Securities Related Businesses</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Applicants do not believe that the Combined Company&rsquo;s ownership of registered investment advisers raise the same type of
entrepreneurial risks that may have concerned Congress in enacting Section 12(d)(3). The SEC has stated in regard to the entrepreneurial
risks that, &ldquo;aside from general partnership interests, investments in securities related businesses need not be subject
to any special standards not applicable to investments in other businesses, except to address the potential for conflicts of interest
and reciprocal practices.&rdquo;<SUP>11</SUP>&nbsp;The SEC has noted that since 1940 the ownership structure of most securities
related issuers has changed from a partnership to a corporate form, resulting in the limited liability status of these entities.<SUP>12&nbsp;</SUP>The
SEC has further stated that &ldquo;[a]side from general partnership interests, investments in securities issued by securities
related businesses need not be subject to any special standards not applicable to investments in other businesses, except to address
the potential for conflicts of interests and reciprocal practices.&rdquo;<SUP>13</SUP>&nbsp;To mitigate any lingering concern
about the entrepreneurial risk that investing in partnerships presents, the Combined Company will only hold ownership interests
in investment advisers organized as corporations or other limited liability entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>7</SUP> Investment Company Act
Release No. 13725 (Jan. 17, 1984).&nbsp;<I>See also</I>&nbsp;Stadulis and Levin,&nbsp;<I>SEC Regulation of Investment Company
Investments in Securities Related Business under the Investment Company Act of 1940</I>, 2 Villanova J. Law &amp; Investment Management
9 (Spring 2000) for the statement that &ldquo;[t]he legislative history of the Investment Company Act is virtually silent concerning
the intended scope and purpose of section 12(d)(3).&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>8</SUP> Continuing, &ldquo;[t]he
provisions of the section generally are intended to prevent &hellip; cross-control situations which might result in investment
companies being organized, operated, managed, or their portfolio securities selected in the interests of brokers, dealers, underwriters,
and investment advisers, whether or not these entities are affiliated persons of the companies.&rdquo;&nbsp;<I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>9</SUP> <I>See&nbsp;</I>Investment
Company Act Release No. 13725 (Jan. 17, 1984).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>10</SUP> <I>Id</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>11</SUP> Continuing, &ldquo;[i]n
1940, securities related businesses, for the most part, were organized as privately held general partnerships. By investing in
such businesses, investment companies exposed themselves to potential losses which were not present in other types of investments;
if the business failed, the investment company as a general partner was held accountable for the partnership&rsquo;s liabilities.&rdquo;
Investment Company Act Release No. 19716 (Sept. 16, 1993).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><SUP>12
</SUP></FONT><I>Id.</I></P>

<P STYLE="margin: 0pt 0"><SUP>13</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id</I>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Congress&rsquo;
concerns regarding investor exposure to entrepreneurial risk will also be mitigated by disclosure to investors in the Combined
Company&rsquo;s ongoing public filings with the SEC, as such disclosure will describe the fact that the Combined Company&rsquo;s
business includes owning registered investment advisers and will include disclosure of any material risks to investors that result
from the ownership of the Advisers. As a result, investors in the Combined Company will be informed of the risks, including entrepreneurial
risk, of investing in the Combined Company. Therefore, only persons or entities that explicitly intend and desire to have exposure
to investments in investment advisers will purchase shares, or if they are existing investors, choose not to sell their shares,
in the Combined Company. Thus, the Applicants believe that the Combined Company&rsquo;s ownership of the Advisers is consistent
with the best interests of the Combined Company Stockholders in that Combined Company Stockholders would be fully aware of the
potential exposure to entrepreneurial risk.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ii.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Avoiding
                                         Conflicts of Interest and Reciprocal Practices</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;12(d)(3)
was also intended to prevent potential conflicts of interest and reciprocal practices between investment companies and securities
related businesses which might result in investment companies being organized, operated, managed, or their portfolio securities
selected in the interests of investment advisers.&nbsp;As with the 1940 Act in general, Section&nbsp;12(d)(3) was an attempt by
the SEC to prevent situations in which brokers, securities dealers and other financial intermediaries were in a position to dominate
investment companies. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">For
example, the SEC was concerned that investment company sponsors, such as investment banks, were using affiliated investment companies
as a receptacle for illiquid and distressed securities.<SUP>14</SUP>&nbsp;It was also concerned that investment banks were using
the investment companies to acquire securities that were subject to the investment banks&rsquo; underwriting endeavors in an effort
to increase the banks&rsquo; underwriting capacity.<SUP>15</SUP>&nbsp;Another problematic practice that is sometimes discussed
in conjunction with the concerns Section&nbsp;12(d)(3) was intended to address is what is commonly referred to as &ldquo;propping.&rdquo;
Propping occurred where a securities related business was in a position to exercise control and influence over an investment company
and took advantage of this position to advance its own pecuniary interests by forcing the investment company to purchase or otherwise
acquire the outstanding securities of the affiliated securities related business, regardless of the value to the investment company,
in an effort to &ldquo;prop&rdquo; up the value of the affiliate&rsquo;s stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Propping
and overreaching should not be a concern in the case of an adviser that is a downstream affiliate of a BDC. Generally, the greater
percentage of an investment adviser owned by a company, the less likely it is that a conflict would favor the manager to the detriment
of the company, because as the ownership interest increases, the ability of the company to align the investment manager&rsquo;s
interests with its own increases accordingly. By maintaining a 100% ownership interest in Merger Sub, the Combined Company will
be able to exercise full oversight and protection of Merger Sub and ensure that its interests align with those of the Combined
Company Stockholders. Additionally, the Combined Company will adopt policies and procedures with respect to Merger Sub and the
Advisers designed to (1) ensure that the Combined Company and the Advisers are being operated and managed in the best interests
of the Combined Company Stockholders and (2) to mitigate conflicts of interest between the Combined Company, the Advisers and
any of their clients and to ensure that no one client will be overreached in favor of another client. The advisory personnel employed
by any of the Advisers will not be involved in any advisory business activities outside of the Combined Company&rsquo;s ownership
and control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> <FONT STYLE="background-color: white">H.R.
Doc. No.&nbsp;707, part I, at 76-77, 75th&nbsp;Cong., 3d Sess. (1938).</FONT></P>

<P STYLE="margin: 0pt 0"><SUP>15</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Id.</I></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has granted Section 12(d)(3) relief to similarly situated BDCs in the past. In 2012, the SEC issued an order to Ares Capital
Corporation (&ldquo;<B><I>Ares</I></B>&rdquo;), to permit it to own, directly or indirectly, 100% of the outstanding equity interest
of, and continue its investment in, Ivy Hill Asset Management, L.P. (&ldquo;<B><I>Ivy Hill</I></B>&rdquo;), even following such
time when Ivy Hill was required to become a registered investment adviser under the Advisers Act.<SUP>16</SUP> Ares, an externally
managed, closed-end management investment company that elected to be regulated as a BDC, formed Ivy Hill in 2007, and at the time
of the exemptive application, indirectly wholly owned 100% of Ivy Hill&rsquo;s equity and voting interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2012, the SEC issued an order to Kohlberg Capital Corporation (&ldquo;<B><I>Kohlberg Capital</I></B>&rdquo;), an internally managed,
closed-end management investment company that elected to be regulated as a BDC, to permit it and its wholly-owned holding companies
to continue to hold a greater than 50% equity interest in Katonah Debt Advisors LLC, Trimaran Advisors LLC (collectively, the
&ldquo;<B><I>KCAP Advisers</I></B>&rdquo;), each of which is a direct or indirect wholly-owned portfolio company of Kohlberg Capital,
when the KCAP Advisers were required to register as investment advisers under the Advisers Act.<SUP>17</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2012, the SEC issued an order to American Capital Ltd. (&ldquo;<B><I>American Capital</I></B>&rdquo;), a BDC, and American Capital
Asset Management LLC (&ldquo;<B><I>AC LLC</I></B>&rdquo;), a limited liability company wholly owned by American Capital, granting
an exemption from the provisions of Section 12(d)(3) at such time when AC LLC and its subsidiaries were required to become registered
investment advisers under the Advisers Act.<SUP>18</SUP> AC LLC and its subsidiaries had previously been exempt from registration
under the Advisers Act under the &ldquo;private adviser&rdquo; exemption. In 2014, the SEC issued another order, amending the
2012 order and extending the relief granted therein to several additional directly or indirectly wholly owned entities that intended
to register or had registered as investment advisers under the Advisers Act.<SUP>19</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similar
to these precedents, the Combined Company will indirectly wholly own 100% of the equity and voting interests of the Advisers.
Although the ownership will be held through Merger Sub, the Applicants do not believe this distinction is material for purposes
limiting entrepreneurial risk, as the entities are all limited liability entities, or for avoiding conflicts of interest, as the
Combined Company will still hold a majority interest and be able to align the interests of the Advisers with the interests of
the Combined Company Stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2013, the Staff took a no-action position with respect to Main Street Capital Corp.&rsquo;s ownership of a registered investment
adviser (the &ldquo;<B><I>Main Street Letter</I></B>&rdquo;).<SUP>20</SUP> The reasoning of the request for relief noted by the
Staff in that letter is consistent with the arguments set forth above and the proposed structure of the Combined Company. Here,
as in the Main Street Letter, the BDC would be the ultimate majority and sole controlling owner of one (or in this case, more
than one) registered investment adviser. Indeed, the present scenario is more advantageous to stockholders than the Main Street
circumstances. Merger Sub will already have substantial assets under management at the close of the Proposed Business Combination
in the form of the existing advisory relationships it has with fund clients, giving stockholders a clear picture of what the advisory
business of Merger Sub would look like at the time they are being asked to approve the Proposed Business Combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> iii. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Consistent
with the Purposes of the 1940 Act</U></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B>&nbsp;</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> As
described above, the Applicants believe that none of the dangers underlying the limitations set forth in Section 12(d)(3)
are implicated and that the relief provided in the past supports the request for relief being sought here. Specifically, none
of the concerns regarding entrepreneurial risks and conflicts of interest are applicable in light of the fact that Merger Sub
is not a general partnership and will be wholly-owned by the Combined Company, which, and Section 12(d)(3), will ultimately
inure to the benefit of the Combined Company Stockholders. As a result, the Applicants believe that the requested relief
is appropriate and in the public interest, consistent with the protection of investors and consistent with the purposes of
the 1940 Act and Section 12(d)(3). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16 </SUP><I>Ares Capital Corporation, et al.</I>, Investment
Company Act Release No. 30024 (Mar. 20, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <I>Kohlberg Capital Corporation, et al.</I>,
Investment Company Act Release No. 30011 (Mar. 27, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> <I>American Capital Ltd., et al.</I>, Investment
Company Act Release No. 30010 (Mar. 27, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> <I>American Capital Ltd., et al.</I>, Investment
Company Act Release No. 31191 (July 29, 2014).</P>

<P STYLE="margin: 0pt 0"><SUP>20</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Main Street
Capital Corporation</I>, SEC Staff No-Action Letter (Nov. 7, 2013).</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><A NAME="a_43"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>e.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Conclusion</U></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Applicants believe the Combined Company&rsquo;s proposed ownership of Merger Sub, which will be a holding company for a number
of revenue-generating registered investment advisers, does not present the potential for the risks and abuses Section 12(d)(3)
is intended to eliminate. The Applicants believe that the standards set forth in Section 6(c) have been met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_44"></A>IV.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>APPLICANTS&rsquo; CONDITIONS</U></B></FONT></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicants
agree that the order granting the requested relief will be subject to the following conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
The Proposed Business Combination will not be consummated unless it has been approved by the holders of a majority of
outstanding Sierra Common Stock and MCC Common Stock, and the holders of a majority of the voting power of the outstanding
shares of MDLY Common Stock as of the MDLY Record Date.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
The Proposed Business Combination will not be consummated unless the New Investment Advisory Agreement has been approved by a
majority of the holders of (1) the outstanding shares of Sierra Common Stock and (2) the outstanding shares of Sierra Common Stock
held by persons who are not affiliated persons of Sierra. For this condition, the vote of holders of a &ldquo;majority,&rdquo;
as defined in the 1940 Act, means the vote of the holders of the lesser of (1) 67% or more of the outstanding shares of Sierra
Common Stock present or represented by proxy at the Sierra Special Meeting if the holders of more than 50% of the shares of Sierra
Common Stock are present or represented by proxy or (2) more than 50% of the outstanding shares of Sierra Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
In connection with MCC Stockholder Approval of the MCC Merger, shares of MCC Common Stock that are deemed to be controlled by
Management will be voted in the same manner and proportion as the shares of MCC Common Stock voted by the unaffiliated MCC
Stockholders (i.e. &ldquo;echo-voted&rdquo;).</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
The Combined Company will at all times own and hold all the outstanding voting and equity interests in Merger Sub, which will,
in turn, hold at all times the voting and equity interests in Medley LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
The Combined Company will not dispose of the voting or equity interests of an Adviser if, as a result, the Combined Company would
own, directly or indirectly, less than 50 percent of the outstanding voting and equity interests of that Adviser unless the Combined
Company disposes of all of its interests in the Adviser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
The Combined Company Board will review at least annually the investment management business of the Combined Company and the Advisers
in order to determine whether the benefits derived by the Combined Company warrant the continuation of the ownership by the Combined
Company of any Adviser and, if appropriate, will approve (by at least a majority of the Independent Directors) at least annually,
such continuation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 22.5pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_45"></A>V.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PROCEDURAL MATTERS</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A NAME="a_46"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Communications</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
address of each of the Applicants is</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">280
Park Ave., 6th Floor East</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
the persons to whom Applicants wish any questions regarding this Application to be directed are Mr. John Fredericks, Esq., at
such address, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven
B. Boehm, Esquire</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payam
Siadatpour, Esquire</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eversheds Sutherland (US) LLP</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">700 Sixth Street, NW, Suite 700</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20001-3980</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><A NAME="a_47"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Authorizations</U></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the following dates, and pursuant to applicable law, the board of directors of each Consolidating Entity by resolution expressly
delegated authority to that Consolidating Entity&rsquo;s officers to execute this Application: Sierra Income Corp. (November 6,
2018), Medley Capital Corporation (October 29, 2018), Medley Management Inc. (October 29, 2018), and Sierra Management, Inc. (November
6, 2018). In addition, on such dates the filing of this Application was specifically authorized by resolution of each respective
board of directors. A copy of each such resolution is attached to this Application as Exhibits A, B, C and D, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
requirements necessary to authorize the person signing and filing this Application on behalf of each Applicant to do so have been
complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Applicants
have caused this Third Amended and Restated Application to be duly signed on their behalf, in the City of New York, New York
on the 15th day of February 2019.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SIERRA INCOME CORPORATION</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Executive Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MEDLEY CAPITAL CORPORATION</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Executive Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MEDLEY MANAGEMENT INC.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Seth Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Seth Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Co-Chief Executive Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SIERRA MANAGEMENT, INC.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Seth Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Seth Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Co-Chief Executive Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> MCC ADVISORS LLC </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Manager</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> SOF ADVISORS LLC </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Manager</TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> STRF ADVISORS LLC </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Manager</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MEDLEY CAPITAL LLC</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Financial Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MOF II MANAGEMENT LLC</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Financial Officer</TD>
    </TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> MOF III MANAGEMENT LLC </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> By: </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"> /s/ Richard T. Allorto, Jr. </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Name: Richard T. Allorto, Jr. </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Title: Chief Financial Officer </TD>
    </TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"> &nbsp; </TD>
    <TD STYLE="width: 4%"> &nbsp; </TD>
    <TD STYLE="width: 36%"> &nbsp; </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> MEDLEY SMA ADVISORS LLC </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> By: </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"> /s/ Richard T. Allorto, Jr. </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Name: Richard T. Allorto, Jr. </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Title: Chief Financial Officer </TD>
    </TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MCOF MANAGEMENT LLC</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Financial Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MEDLEY (ASPECT) MANAGEMENT LLC</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Financial Officer</TD>
    </TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"></P>

<!-- Field: Page; Sequence: 105; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>VERIFICATION</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.15pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned being duly sworn deposes and says that he has duly executed the attached Application dated February 15, 2019, for
and on behalf of Sierra Income Corporation, Medley Capital Corporation, Medley Management Inc., Sierra Management, Inc., MCC
Advisors LLC, SOF Advisors LLC, STRF Advisors LLC, Medley Capital LLC, MOF II Management LLC, MOF III Management LLC, Medley
SMA Advisors LLC, MCOF Management LLC, and Medley (Aspect) Management LLC; that he holds the office with such entity
as indicated below and that all action by stockholders, directors, and other bodies necessary to authorize deponent to
execute and file such instrument has been taken. Deponent further says that he is familiar with such instrument, and the
contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and
belief.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.15pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SIERRA INCOME CORPORATION</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Executive Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MEDLEY CAPITAL CORPORATION</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Executive Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MEDLEY MANAGEMENT INC.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Seth Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Seth Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Co-Chief Executive Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SIERRA MANAGEMENT, INC.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Seth Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Seth Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Co-Chief Executive Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> MCC ADVISORS LLC </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Manager</TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> SOF ADVISORS LLC </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Manager</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> STRF ADVISORS LLC </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Brook Taube</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Manager</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MEDLEY CAPITAL LLC</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Financial Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MOF II MANAGEMENT LLC</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Financial Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>

<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> MOF III MANAGEMENT LLC </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"> &nbsp; </TD>
    <TD STYLE="width: 4%"> &nbsp; </TD>
    <TD STYLE="width: 36%"> &nbsp; </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> By: </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"> /s/ Richard T. Allorto, Jr. </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Name: Richard T. Allorto, Jr. </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Title: Chief Financial Officer </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> MEDLEY SMA ADVISORS LLC </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> By: </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"> /s/ Richard T. Allorto, Jr. </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Name: Richard T. Allorto, Jr. </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> Title: Chief Financial Officer </TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MCOF MANAGEMENT LLC</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Financial Officer</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MEDLEY (ASPECT) MANAGEMENT LLC</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Richard T. Allorto, Jr.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Chief Financial Officer</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Resolutions
of the Board of Sierra Income Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Board has previously (i) approved the acquisition of MCC by the Company as contemplated by the MCC Merger Agreement, in which
MCC will, on the terms and subject to the conditions set forth in the MCC Merger Agreement, merge with and into the Company, with
the Company as the surviving company in the MCC Merger; and (ii) contemporaneously with the MCC Merger Agreement, the Company,
MDLY, and Merger Sub entered into the MDLY Merger Agreement pursuant to which MDLY will, on the terms and subject to the conditions
set forth in the MDLY Merger Agreement, merge with and into Merger Sub, with Merger Sub as the surviving company in the MDLY Merger;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
certain joint transactions contemplated by the Mergers may require exemptive relief from certain provisions of the 1940 Act, which
relief must be obtained from the SEC;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
each of the MCC Merger Agreement and the MDLY Merger Agreement are conditioned on the SEC granting an exemptive order to the Company,
MCC, and MDLY from Sections 12(d)(3), 57(a)(4) and 60 of the 1940 Act and Rule 17d-1 thereunder to the extent necessary in connection
with the transactions contemplated by the MCC Merger Agreement and the MDLY Merger Agreement and thereafter for the Combined Company
to operate as an internally managed BDC (the <B><I>&ldquo;Joint Transactions Order&rdquo;</I></B>) that must be in full force
and effect as of the Effective Time;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>WHEREAS</B>,
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Special Committee has reviewed and approved,
and recommended that the Board approve, <FONT STYLE="background-color: white">the exemptive application (the <B><I>&ldquo;Joint
Transactions Exemptive Application&rdquo;</I></B>) for the Joint Transactions Order;</FONT> <U>and</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>WHEREAS</B>,
the Board has reviewed the Joint Transactions Exemptive Application, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
copy of which was provided to the Board<FONT STYLE="background-color: white">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE, BE IT RESOLVED</B>, that the Board hereby approves the <FONT STYLE="background-color: white">Joint Transactions Exemptive
Application</FONT>, in substantially the form provided in the Board meeting materials;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the Board hereby directs that the Authorized Officers submit the <FONT STYLE="background-color: white">Joint
Transactions </FONT>Exemptive Application to the SEC for the <FONT STYLE="background-color: white">Joint Transactions </FONT>Order
pursuant to the 1940 Act allowing the consummation of the joint transactions contemplated by the Mergers;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the Authorized Officers be, and each hereby is, authorized for and on behalf of the Company to prepare, execute
and file with the SEC pursuant to the 1940 Act one or more applications for the <FONT STYLE="background-color: white">Joint Transactions
</FONT>Order and any amendments thereto that such officer deems to be necessary, desirable or appropriate, together with any and
all exhibits and documents or supplemental information relating thereto, in connection with the Mergers and that the form or any
amendment or supplements thereto will be as approved by the Authorized Officers of the Company executing the same, the approval
by the Company of such Authorized Officers to be evidenced conclusively by their execution of the same;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the Authorized Officers be, and each of them herby is, authorized and empowered in the name and on behalf of
the Company to do or cause to be done all such acts and to sign, execute, certify to, verify, acknowledge, deliver, accept, file,
and record any and all such documents as, in the judgment of any such person, are deemed to be necessary, desirable, or appropriate
to effect the purposes of these resolutions; <U>and</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that for purposes of the foregoing resolutions, the Chief Executive Officer, President, Chief Financial Officer,
Chief Operating Officer, Chief Compliance Officer and Secretary of the Company are Authorized Officers of the Company (collectively,
the <B><I>&ldquo;Authorized Officers&rdquo;</I></B>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: right"></P>

<!-- Field: Page; Sequence: 108; Options: NewSection; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
B</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Resolutions
of the Board of Medley Capital Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Board previously approved the MCC Merger Agreement pursuant to which the Company will, on the terms and subject to the conditions
set forth in the MCC Merger Agreement, merge with and into Sierra, with Sierra as the surviving company in the MCC Merger;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
contemporaneously with the MCC Merger Agreement, Sierra, MDLY, and Merger Sub entered into the MDLY Merger Agreement pursuant
to which MDLY will, on the terms and subject to the conditions set forth in the MDLY Merger Agreement, merge with and into Merger
Sub, with Merger Sub as the surviving company in the MDLY Merger;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
certain transactions contemplated by the Mergers require exemptive relief from certain provisions of the 1940 Act, which relief
must be obtained from the SEC; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
each of the MCC Merger Agreement and the MDLY Merger Agreement are conditioned on the SEC granting an exemptive order to the Company,
Sierra, and MDLY from Sections 12(d)(3), 57(a)(4) and 60 of the 1940 Act and Rule 17d-1 thereunder to the extent necessary in
connection with the transactions contemplated by the MCC Merger Agreement and the MDLY Merger Agreement and thereafter for the
Combined Company to operate as an internally managed BDC (the <B><I>&ldquo;Order&rdquo;</I></B>) that must be in full force and
effect as of the closing of the Mergers (the <B><I>&ldquo;Effective Time&rdquo;</I></B>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE, BE IT RESOLVED</B>, that the Board hereby approves the <FONT STYLE="background-color: white">Exemptive Application</FONT>,
in substantially the form provided in the Board meeting materials and authorizes the filing thereof with the SEC and any amendments,
modifications or supplements thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the Authorized Officers be, and each of them hereby is, authorized and empowered in the name and on behalf
of the Company to do or cause to be done all such acts and to sign, execute, certify to, verify, acknowledge, deliver, accept,
file, and record any and all such documents as, in the judgment of any such person, are deemed to be necessary, desirable, or
appropriate to effect the purposes of these resolutions; <U>and</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that for purposes of the foregoing resolutions, the Chief Executive Officer, President, Chief Financial Officer,
Chief Compliance Officer and Secretary of the Company are Authorized Officers of the Company (collectively, the &ldquo;<B><I>Authorized
Officers</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;Exhibit
C</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Resolutions
of the Board of Medley Management Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Board previously approved the MDLY Merger Agreement pursuant to which MDLY will, on the terms and subject to the conditions
set forth in the MDLY Merger Agreement, merge with and into Merger Sub, with Merger Sub as the surviving company in the MDLY Merger;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
contemporaneously with the MDLY Merger Agreement, Sierra and MCC entered into the MCC Merger Agreement pursuant to which MCC will,
on the terms and subject to the conditions set forth in the MCC Merger Agreement, merge with and into Sierra, with Sierra as the
surviving company in the MCC Merger;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
certain transactions contemplated by the Mergers require exemptive relief from certain provisions of the 1940 Act, which relief
must be obtained from the SEC;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
each of the MCC Merger Agreement and the MDLY Merger Agreement are conditioned on the SEC granting an exemptive order to the Company,
Sierra, and MCC from Sections 12(d)(3), 57(a)(4) and 60 of the 1940 Act and Rule 17d-1 thereunder to the extent necessary in connection
with the transactions contemplated by the MCC Merger Agreement and the MDLY Merger Agreement and thereafter for the Combined Company
to operate as an internally managed BDC (the <B><I>&ldquo;Order&rdquo;</I></B>) that must be in full force and effect as of the
closing of the Mergers (the <B><I>&ldquo;Effective Time&rdquo;</I></B>); <U>and</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>WHEREAS</B>,
the Board has reviewed the exemptive application (the <B><I>&ldquo;Exemptive Application&rdquo;</I></B>) for the Order, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
copy of which was provided to the Board<FONT STYLE="background-color: white">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE, BE IT RESOLVED</B>, that the Board hereby approves the <FONT STYLE="background-color: white">Exemptive Application</FONT>,
in substantially the form provided in the Board meeting materials and authorizes the filing thereof with the SEC and any amendments,
modifications or supplements thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the Authorized Officers be, and each of them hereby is, authorized and empowered in the name and on behalf
of the Company to do or cause to be done all such acts and to sign, execute, certify to, verify, acknowledge, deliver, accept,
file, and record any and all such documents as, in the judgment of any such person, are deemed to be necessary, desirable, or
appropriate to effect the purposes of these resolutions; <U>and</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that for purposes of the foregoing resolutions, the Co-Chief Executive Officer, President, Chief Financial Officer,
General Counsel and Secretary of the Company are Authorized Officers of the Company (collectively, the &ldquo;<B><I>Authorized
Officers</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
D</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Resolutions
of the Board of Sierra Management, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Board hereby (i) determined that the Agreement and Plan of Merger (the <B><I>&ldquo;MDLY Merger Agreement&rdquo;</I></B>)
by and between Sierra Income Corporation, a Maryland corporation (<B><I>&ldquo;Sierra&rdquo;</I></B>), the Company, and Sierra
Management, Inc., a Delaware corporation and a wholly owned subsidiary of Sierra, pursuant to which the Company will, on the terms
and subject to the conditions set forth in the MDLY Merger Agreement, merge with and into Merger Sub, with Merger Sub as the surviving
company in the merger (the <B><I>&ldquo;MDLY Merger&rdquo;</I></B>) and the transactions contemplated thereby, including, without
limitation, the MDLY Merger, are advisable and fair to, and in the best interests of, the Company and its sole stockholder; (ii)
recommended that Sierra, as the Company&rsquo;s sole stockholder, adopt the MDLY Merger Agreement and approve the MDLY Merger;
and (iii) authorized and approved the MDLY Merger substantially upon the terms and conditions set forth in the MDLY Merger Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Company&rsquo;s sole stockholder previously authorized and approved the MDLY Merger and the other transactions contemplated
by the MDLY Merger Agreement in all respects;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
contemporaneously with the MDLY Merger Agreement, Sierra and Medley Capital Corporation, a Delaware corporation (<B><I>&ldquo;MCC&rdquo;</I></B>),
entered into the Agreement and Plan of Merger (the <B><I>&ldquo;MCC Merger Agreement&rdquo;</I></B>) pursuant to which MCC will,
on the terms and subject to the conditions set forth in the MCC Merger Agreement, merge with and into Sierra, with Sierra as the
surviving company (the <B><I>&ldquo;Combined Company&rdquo;</I></B>) in the merger (the <B><I>&ldquo;MCC Merger&rdquo;</I></B>
together with the MDLY Merger, the <B><I>&ldquo;Mergers&rdquo;</I></B>);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
certain joint transactions contemplated by the Mergers may require exemptive relief from certain provisions of the Investment
Company Act of 1940 (the <B><I>&ldquo;1940 Act&rdquo;</I></B>), which relief must be obtained from the SEC;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
each of the MCC Merger Agreement and the MDLY Merger Agreement are conditioned on the SEC granting an exemptive order to the Company,
Sierra, and MCC from Sections 12(d)(3), 57(a)(4) and 60 of the 1940 Act and Rule 17d-1 thereunder to the extent necessary in connection
with the transactions contemplated by the MCC Merger Agreement and the MDLY Merger Agreement and thereafter for the Combined Company
to operate as an internally managed BDC (the <B><I>&ldquo;Order&rdquo;</I></B>) that must be in full force and effect as of the
closing of the Mergers (the <B><I>&ldquo;Effective Time&rdquo;</I></B>); <U>and</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>WHEREAS</B>,
the Board has reviewed the exemptive application (the <B><I>&ldquo;Exemptive Application&rdquo;</I></B>) for the Order, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
copy of which was provided to the Board<FONT STYLE="background-color: white">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE, BE IT RESOLVED</B>, that the Board hereby approves the <FONT STYLE="background-color: white">Exemptive Application</FONT>,
in substantially the form provided in the Board meeting materials;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the Board hereby directs that the Authorized Officers submit the Exemptive Application to the SEC for the Order
pursuant to the 1940 Act allowing the consummation of the joint transactions contemplated by the Mergers;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the Authorized Officers be, and each hereby are, authorized for and on behalf of the Company to prepare, execute
and file the Exemptive Application with the SEC pursuant to the 1940 Act for the Order and any amendments thereto that such officer
deems to be necessary, desirable or appropriate, together with any and all exhibits and documents or supplemental information
relating thereto, in connection with the Mergers and that the form or any amendment or supplements thereto will be as approved
by the Authorized Officers of the Company executing the same, the approval by the Company of such Authorized Officers to be evidenced
conclusively by their execution of the same;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that the Authorized Officers be, and each of them hereby is, authorized and empowered in the name and on behalf
of the Company to do or cause to be done all such acts and to sign, execute, certify to, verify, acknowledge, deliver, accept,
file, and record any and all such documents as, in the judgment of any such person, are deemed to be necessary, desirable, or
appropriate to effect the purposes of these resolutions; <U>and</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FURTHER
RESOLVED</B>, that for purposes of the foregoing resolutions, the Chief Executive Officer, President, Chief Financial Officer,
and Secretary of the Company are Authorized Officers of the Company (collectively, the &ldquo;<B><I>Authorized Officers</I></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPENDIX
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Simplified
Structure before the Completion of the Mergers&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Simplified
Structure Following the Completion of the Mergers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Appendix
<FONT STYLE="text-transform: uppercase">B</FONT></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 37.25pt; text-align: center">August 9, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Special Committee of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">of Sierra Income Corporation<BR>
c/o Sullivan &amp; Worcester LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1666 K Street NW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 147pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 13pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We understand that
Sierra Income Corporation (&ldquo;SIC&rdquo;) proposes to enter into (i) an Agreement and Plan of Merger with Medley Capital Corporation
(&ldquo;MCC&rdquo;) (the &ldquo;MCC Agreement&rdquo;) and (ii) an Agreement and Plan of Merger with Medley Management Inc. (&ldquo;MDLY&rdquo;)
and a subsidiary of SIC (&ldquo;Merger Sub&rdquo;) (the &ldquo;MDLY Agreement&rdquo; and, together with the MCC Agreement, the
&ldquo;Agreements&rdquo;). The MCC Agreement provides, among other things, that SIC will acquire MCC for shares of SIC common stock,
par value $0.001 per share (the &ldquo;SIC Common Stock&rdquo;), and the MDLY Agreement provides, among other things, that SIC
will acquire MDLY for a combination of cash and shares of SIC Common Stock (collectively, the &ldquo;Transactions&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to the
MCC Agreement, MCC will merge with and into SIC, with SIC surviving the merger, and each issued and outstanding share of MCC Common
Stock, par value $0.001 per share (the &ldquo;MCC Common Stock&rdquo;) (other than such shares owned by SIC or by any wholly owned
subsidiary of MCC or SIC) will be converted into the right to receive 0.805 shares of SIC Common Stock (the &ldquo;MCC Consideration&rdquo;).
Pursuant to the MDLY Agreement, MDLY will merge with and into Merger Sub, with Merger Sub surviving the merger, and (i) each issued
and outstanding share of MDLY Class A Common Stock, par value $0.01 per share (the &ldquo;MDLY Common Stock&rdquo;) (other than
such shares owned by SIC or by any wholly owned subsidiary of MDLY or SIC) will be converted into the right to receive (1) 0.3836
shares of SIC Common Stock, (2) cash in an amount equal to $3.44 per such share and (3) a per-share dividend adjustment amount
more fully described in a formula set forth in the MDLY Agreement (the &ldquo;MDLY Consideration&rdquo;) and (ii) each issued and
outstanding share of MDLY Class B Common Stock, par value $0.01 per share, will be canceled. The MCC Consideration and the MDLY
Consideration are collectively referred to herein as the &ldquo;Total Consideration&rdquo;. The terms and conditions of the Transactions
are more fully set forth in the Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You have asked
for our opinion as to whether the Total Consideration to be paid and issued by SIC in the Transactions, considered as a whole
and not in separate parts, is fair to SIC from a financial point of view.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Special Committee of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">of Sierra Income Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 9, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In connection with
the opinion set forth herein, we have:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 40.5pt">1.</TD><TD STYLE="text-align: justify">Reviewed certain audited and unaudited financial information, and other business and operating
data, regarding SIC, MCC and MDLY;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Reviewed certain financial projections relating to MCC (the &ldquo;MCC Projections&rdquo;) prepared
by the management of MDLY, which manages MCC, and discussed with the management of MDLY its assessment as to the relative likelihood
of achieving the MCC Projections;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Reviewed certain financial projections relating to MDLY prepared by the management of MDLY (the
&ldquo;MDLY Projections&rdquo;) and discussed with the management of MDLY its assessment as to the relative likelihood of achieving
the MDLY Projections;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">Reviewed certain financial projections relating to SIC (the &ldquo;SIC Projections&rdquo;) prepared
by the management of MDLY, which manages SIC, and discussed with the management of MDLY its assessment as to the relative likelihood
of achieving the SIC Projections;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">Discussed the past and current business, operations, financial condition and prospects of each
of MCC and MDLY with members of senior management of MDLY, and discussed the past and current business, operations, financial condition
and prospects of SIC, including after giving effect to the Transactions and the strategic and financial benefits anticipated by
the management of MDLY to result therefrom, with members of senior management of MDLY;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">Reviewed the recent stock price performance of the MDLY Common Stock and a comparison with the
stock price performance of certain other comparable companies, the securities of which are publicly traded;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">Reviewed the recent stock price performance of the MCC Common Stock and a comparison with the average
and median trading prices of certain business development companies that are, in our judgment, comparable in certain respects to
MCC, and the securities of which are publicly traded;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">Reviewed the anticipated pro forma impact of the Transactions on SIC&rsquo;s net interest income,
net asset value and financial ratios;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">Reviewed the financial terms, to the extent publicly available, of certain comparable acquisition
transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">Compared the financial performance of MCC and MDLY and the prices and trading activity of the MCC
Common Stock and the MDLY Common Stock with that of certain other publicly traded companies comparable in certain respects with
MCC and MDLY, respectively, and their securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Special Committee of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">of Sierra Income Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 9, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">Reviewed the Tax Receivable Agreement, dated September 23, 2014, between MDLY and the holders of
units in Medley LLC (the &ldquo;TRA&rdquo;), and the proposed treatment of the TRA under the Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">Reviewed drafts of the Agreements, each dated August 9, 2018 (the &ldquo;Draft Agreements&rdquo;)
and certain related documents; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">Performed such other analyses and considered such other factors as we have deemed appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have assumed
and relied upon, without independent verification, the accuracy and completeness of the information that was publicly available
or supplied or otherwise made available to us by SIC, MCC or MDLY, and that formed a substantial basis for this opinion. We have
further relied upon assurances of the management of MDLY, which also manages SIC and MCC, that they are not aware of any facts
or circumstances that would make such information inaccurate or misleading and that there has not occurred any material change
in the assets, financial condition, results of operations, business or prospects of SIC, MCC or MDLY since the respective dates
of the most recent financial statements and other information, financial or otherwise, relating to SIC, MCC or MDLY, respectively,
made available to us by the SIC, MCC or MDLY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have assumed
with your consent that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The final executed Agreements will not differ in any respect material to our analysis or this opinion
from the Draft Agreements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The MCC Projections and the MDLY Projections have been reasonably prepared on bases reflecting
the best currently available estimates and judgments of the management of MDLY, which manages MCC, of the future financial performance
of each of MCC and MDLY on a standalone basis, respectively;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">The SIC Projections have been reasonably prepared on bases reflecting the best currently available
estimates and judgments of the management of MDLY, which manages SIC, of the future financial performance of SIC on a standalone
basis and following the acquisition of MCC and MDLY, respectively;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">The Transactions will be consummated in accordance with the terms set forth in the Agreements without
any waiver, amendment or delay of any terms or conditions in any manner that would be material to our opinion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">The revenues and earnings projected in the SIC Projections (and, following the Transactions, the
revenues and earnings projected in the MCC Projections and the MDLY Projections) will be realized in the amounts and at the times
projected in all respects material to our analysis;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Special Committee of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">of Sierra Income Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 9, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">The Transactions will not result in the assumption or other acquisition of any tax, regulatory
or other liabilities (including liabilities of MCC and MDLY and their respective subsidiaries) beyond those provided for in the
Agreements, the realization of which liabilities provided for in the Agreements we assume with your consent would not have a material
impact on the value of SIC, and the rate of taxation applied to certain earnings of SIC included in the SIC Projections and the
rate of taxation applicable to MDLY included in the MDLY projections will be experienced as projected following consummation of
the Transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">In connection with the receipt of all the necessary governmental, regulatory or other approvals
and consents required for the Transactions, no delays, limitations, conditions (including any required divestitures) or restrictions
will be imposed that would have a material adverse effect on the contemplated benefits expected to be derived in the Transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify">The representations and warranties of SIC, MCC and MDLY contained in the Agreements are accurate
and complete in all respects material to our analysis; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify">The Transactions will qualify for federal income tax purposes as a reorganization under the provisions
of Section 368(a) of the Internal Revenue Code of 1986, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have further
advised you of the following several important factors and assumptions that underlie our opinion expressed herein, the first four
of which form the bases for important parts of the analysis we have used in reaching the opinion expressed herein, and we would
be unable to deliver this opinion were any of these factors or assumptions to be incorrect in any material respect:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">First, it is our view that, were the shares of SIC Common Stock to be listed and traded on a national
securities exchange, such shares, on a fully distributed basis, would trade at a substantial discount to SIC&rsquo;s net asset
value.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Second, we have assumed with your consent that SIC and its affiliates (including MDLY), pro forma
for the Transactions, would, absent the tax relief afforded by the cancellation of and transfer of benefits under the TRA, pay
taxes in the full amounts and at the times projected by the management of MDLY and that the taxes resulting from the results of
operations of MDLY in each year in which tax benefits are available under the TRA would be in excess of the tax benefits afforded
by the TRA.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Third, we have assumed with your consent that MDLY, following its acquisition by SIC, will be treated
as a portfolio investment of SIC for accounting purposes and that MDLY&rsquo;s financial results will not be consolidated into
the financial statements of SIC.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Special Committee of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">of Sierra Income Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 9, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 5</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Fourth, we have assumed with your consent that the United States Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) will grant exemptive relief consistent with that addressed in the Eversheds Sutherland memorandum to the
SEC dated July 5, 2018 without qualification or modification to the Transactions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Finally, with your consent, we have considered the fairness of the Total Consideration to be paid
on an aggregate basis, including the combined amount of the MDLY Consideration and the MCC Consideration to be paid to the stockholders
of MDLY and MCC, respectively. We are not expressing any opinion as to the fairness to SIC of the portion of the Total Consideration
to be paid to each of the stockholders of MDLY and the stockholders of MCC on separate bases. Furthermore, we are not expressing
any opinion as to the relative proportion of cash and shares of SIC Common Stock constituting the MDLY Consideration.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are not legal,
tax, accounting, or regulatory advisors. We are financial advisors only and have relied upon, without independent verification,
the assessments of SIC and its legal, tax, accounting, and regulatory advisors with respect to legal, tax, accounting, and regulatory
matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have not made
any independent valuation or appraisal of SIC, MCC, MDLY or their respective assets or liabilities, we have not relied upon any
such valuations or appraisals furnished to us, and this opinion does not constitute or imply any particular valuation of SIC. In
arriving at our opinion, we have not conducted a physical inspection of SIC, MCC, MDLY or their respective assets. Our opinion
is necessarily based on financial, economic, market and other conditions as in effect on, and the information made available to
us as of, the date hereof. Events occurring after the date hereof may affect this opinion and the assumptions used in preparing
it, and we do not assume any obligation to update, revise or reaffirm this opinion. Without limiting the generality of the foregoing,
this opinion does not in any manner address the prices at which the SIC Common Stock will trade after the announcement or consummation
of the Transactions or at any other time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We have acted as
financial advisor to the Special Committee of the Board of Directors of SIC in connection with the Transactions and will receive
a fee for rendering this opinion and a fee for our services, which fee for our services was previously paid. In addition, SIC has
agreed to reimburse our expenses and indemnify us against certain liabilities arising out of our engagement. In the two years prior
to the date hereof, we have not provided services to SIC or MCC, but we have provided financial advisory services to MDLY as disclosed
in the engagement letter between Broadhaven Securities LLC and the Special Committee of the Board of Directors of SIC dated July
2, 2018 (the &ldquo;Engagement Letter&rdquo;). We may seek to provide financial advisory and other services to SIC or MDLY in the
future and would expect to receive fees for rendering those services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Special Committee of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">of Sierra Income Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">August 9, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This opinion has
been approved by a committee of Broadhaven Capital Partners in accordance with our customary practice. This opinion does not constitute
a recommendation as to how any stockholder of SIC, MCC or MDLY should vote with respect to the Transactions or any other matter.
We have not been requested to opine as to, and our opinion does not in any manner address, the underlying business decision by
SIC to proceed with or effect the Transactions or the likelihood of consummation of the Transactions. Furthermore, we have not
given any advice as to, nor does our opinion in any way address, the fairness of the Transactions to any other person or entity,
including but not limited to MDLY or its stockholders. Our opinion does not address the relative merits of the Transactions as
compared to any other transaction or business strategy in which SIC might engage. This opinion does not address the fairness (financial
or otherwise) of the amount, nature or any other aspect of any compensation to any of the officers, directors or employees of any
party to the Transactions, or any such class of persons, relative to the Total Consideration. This opinion is for the information
of the Special Committee of the Board of Directors of SIC only and, subject to the terms and conditions of the Engagement Letter,
this opinion may not be used for any other purpose, quoted or referred to orally or in writing, or reproduced or disseminated,
by SIC or its agents, without our prior written consent, except that a copy of this opinion may be included in its entirety and,
subject to Broadhaven&rsquo;s prior review and approval (not to be unreasonably withheld or delayed), any summary of, or other
description of, this opinion may be included, if required by applicable law or the rules and regulations of any applicable stock
exchange, in any filing made by SIC in respect of the Transactions with the SEC or such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Based on and subject
to the foregoing, including the various assumptions, limitations and qualifications set forth herein, we are of the opinion that,
as of the date hereof, the Total Consideration to be paid and issued by SIC in the Transactions, considered as a whole and not
in separate parts, is fair to SIC from a financial point of view.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Very
truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><U>/s/
Broadhaven Capital Partners</U><BR>
Broadhaven Capital Partners</P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 119 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Appendix
<FONT STYLE="text-transform: uppercase">C</FONT></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><IMG SRC="image_023.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 0 0; text-indent: 0.5in; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August
9, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Special
Committee of the Board of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Medley
Capital Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">280
Park Avenue, 6th Floor East</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New
York, NY 10017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Medley
Capital Corporation (the &ldquo;Company&rdquo;) and Sierra Income Corporation (&ldquo;SIC&rdquo;) are proposing to enter into
an Agreement and Plan of Merger (the &ldquo;MCC Agreement&rdquo;) pursuant to which the Company will merge with and into SIC,
with SIC being the surviving corporation (the &ldquo;MCC Merger&rdquo;). In addition, contemporaneously with the execution of
the MCC Agreement, SIC, its wholly-owned subsidiary, Sierra Management Inc. (&ldquo;Merger Sub&rdquo;), and Medley Management
Inc. (&ldquo;MDLY&rdquo;) are proposing to enter into a separate Agreement and Plan of Merger (the &ldquo;MDLY Agreement&rdquo;
and, together with the MCC Agreement, the &ldquo;Agreements&rdquo;) pursuant to which MDLY will merge with and into Merger Sub,
with Merger Sub being the surviving corporation (the &ldquo;MDLY Merger&rdquo; and, together with the MCC Merger, the &ldquo;Transaction&rdquo;).
The Agreements provide that the closing of each of the MCC Merger and MDLY Merger is conditioned upon the closing of the other.
Pursuant to the terms of the MCC Agreement, at the Effective Time, each share of common stock, par value $0.001 per share, of
the Company (&ldquo;Company Common Stock&rdquo;) issued and outstanding immediately prior to the Effective Time, excluding certain
shares of Company Common Stock as specified in the MCC Agreement, will be converted into the right to receive 0.8050 of a share
of common stock (&ldquo;SIC Common Stock&rdquo;), par value $0.001 per share, of SIC(the &ldquo;Merger Consideration&rdquo;).
Capitalized terms used herein without definition have the meanings assigned to them in the MCC Agreement. The terms and conditions
of the Transaction are more fully set forth in the Agreements. You have requested our opinion as to the fairness, from a financial
point of view, of the Merger Consideration to the holders of Company Common Stock (other than SIC, MDLY and their respective affiliates).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sandler
O&rsquo;Neill &amp; Partners, L.P. (&ldquo;Sandler O&rsquo;Neill&rdquo;, &ldquo;we&rdquo; or &ldquo;our&rdquo;), as part of its
investment banking business, is regularly engaged in the valuation of financial services companies and their securities in connection
with mergers and acquisitions and other corporate transactions. In connection with this opinion, we have reviewed and considered,
among other things: (i) the MCC Agreement, dated August 9, 2018, and the MDLY Agreement, dated August 9, 2018; (ii) certain publicly
available financial statements and other historical financial information of the Company, SIC and MDLY that we deemed relevant;
(iii) certain financial projections for the Company, SIC and MDLY for the calendar years 2018 and 2019 and estimated net asset
values of the Company and SIC, all as provided by the senior management of MDLY (which is the parent of the investment advisers
that externally manage and advise the Company and SIC); (iv) the pro forma financial impact of the Transaction on SIC and also
with respect to certain financial metrics of the Company, based on certain assumptions relating to cost savings, purchase accounting
adjustments, transaction expenses and tax benefits, as provided by the senior management of MDLY; (v) the publicly reported historical
price and trading activity for Company Common Stock; (vi) a comparison of certain financial information for the Company and SIC
with similar companies for which information is publicly available; (vii) the financial terms of certain recent business combinations
in the business development company industry, to the extent publicly available; (viii) the current market environment generally
and the business development company industry environment in particular; and (ix) such other information, financial studies, analyses
and investigations and financial, economic and market criteria as we considered relevant. We also discussed with certain members
of the senior management of MDLY and its representatives the respective businesses, financial condition, results of operations
and prospects of the Company, SIC and MDLY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><IMG SRC="image_023.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
performing our review, we have relied upon the accuracy and completeness of all of the financial and other information that was
available to and reviewed by us from public sources, that was provided to us by the Company, SIC, MDLY or their respective representatives
or that was otherwise reviewed by us, and we have assumed such accuracy and completeness for purposes of rendering this opinion
without any independent verification or investigation. We further have relied on the assurances of the senior management of MDLY
that it is not aware of any facts or circumstances that would make any of such information inaccurate or misleading. We have not
been asked to undertake, and have not undertaken, an independent verification of any of such information and we do not assume
any responsibility or liability for the accuracy or completeness thereof. We did not make an independent evaluation or perform
an appraisal of the specific assets, the collateral securing assets or the liabilities (contingent or otherwise) of the Company,
SIC, MDLY or any of their respective subsidiaries, nor have we been furnished with any such evaluations or appraisals. We render
no opinion or evaluation on the collectability of any assets or the future performance of any loans or other investments of the
Company or SIC. We have not reviewed any individual credit files relating to the Company or SIC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
preparing its analyses, Sandler O&rsquo;Neill used certain financial projections for the Company, SIC and MDLY for the calendar
years 2018 and 2019 and estimated net asset values of the Company and SIC, all as provided by the senior management of MDLY. Sandler
O&rsquo;Neill also received and used in its pro forma analyses certain assumptions relating to cost savings, purchase accounting
adjustments, transaction expenses and tax benefits, as provided by the senior management of MDLY. With respect to the foregoing
information, the senior management of MDLY confirmed to us that such information reflected the best currently available estimates
and judgments of such senior management as to the future financial performance of the Company, SIC and MDLY and the other matters
covered thereby. We assumed that the future financial performance reflected in all of the foregoing information used by Sandler
O&rsquo;Neill would be achieved, and we express no opinion as to such information, or the assumptions on which such information
is based. We have also assumed that there has been no material change in the respective assets, financial condition, results of
operations, businesses or prospects of the Company, SIC or MDLY since the date of the most recent financial statements made available
to us. We have assumed in all respects material to our analyses that the Company, SIC and MDLY will remain as going concerns for
all periods relevant to our analyses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have also assumed, with your consent, that (i) each of the parties to the Agreements will comply in all material respects with
all material terms and conditions of the Agreements and all related agreements, that all of the representations and warranties
contained in such agreements are true and correct in all material respects, that each of the parties to such agreements will perform
in all material respects all of the covenants and other obligations required to be performed by such party under such agreements
and that the conditions precedent in such agreements are not and will not be waived, (ii) in the course of obtaining the necessary
regulatory or third party approvals, consents and releases with respect to the Transaction, no delay, limitation, restriction
or condition will be imposed that would have an adverse effect on the Company, SIC or the benefits contemplated by the Transaction
or any related transaction, (iii) the Transaction and any related transactions (including, without limitation, the acquisition
by MDLY of all of the outstanding units of its subsidiary Medley LLC not already owned by MDLY, the termination by MDLY of its
existing tax receivables agreement and the final dividend to be paid by MCC pursuant to the MCC Agreement) will be consummated
in accordance with the terms of the Agreements without any waiver, modification or amendment of any material term, condition or
agreement thereof and in compliance with all applicable laws and other requirements, and (iv) the Transaction will qualify as
a tax-free reorganization for federal income tax purposes. Finally, with your consent, we have relied upon the advice that the
Company has received from its legal, accounting and tax advisors as to all legal, accounting and tax matters relating to the Transaction
and the other transactions contemplated by the Agreements. We express no opinion as to any such matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
opinion is necessarily based on financial, economic, market and other conditions as in effect on, and the information made available
to us as of, the date hereof. Events occurring after the date hereof could materially affect this opinion. We have not undertaken
to update, revise, reaffirm or withdraw this opinion or otherwise comment upon events occurring after the date hereof. We express
no opinion as to the trading values of Company Common Stock or SIC Common Stock at any time or what the value of SIC Common Stock
will be once it is actually received by the holders of Company Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><IMG SRC="image_023.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have acted as the financial advisor to the Special Committee of the Board of Directors of the Company in connection with the MCC
Merger and will receive a fee for our services, the substantial portion of which fee is contingent upon consummation of the MCC
Merger. We will also receive a fee for rendering this opinion, which opinion fee will be credited in full towards the transaction
fee becoming payable to us upon closing of the MCC Merger. The Company has also agreed to indemnify us against certain claims
and liabilities arising out of our engagement and to reimburse us for certain of our out-of-pocket expenses incurred in connection
with our engagement. In connection with our engagement, we were not asked to, and did not, solicit indications of interest in
a potential transaction with the Company from other parties. We have not provided any other investment banking services to the
Company, SIC or MDLY in the two years preceding the date of this opinion. In the ordinary course of our business as a broker-dealer,
we may purchase securities from and sell securities to the Company, SIC, MDLY and their respective affiliates. We may also actively
trade the equity and debt securities of the Company, MDLY and their respective affiliates for our own account and for the accounts
of our customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
opinion is directed to the Special Committee of the Board of Directors of the Company (in its capacity as such) in connection
with its consideration of the MCC Agreement and the MCC Merger and does not constitute a recommendation to any shareholder of
the Company as to how any such shareholder should vote at any meeting of shareholders called to consider and vote upon the approval
of the MCC Agreement and the MCC Merger. Our opinion is directed only to the fairness, from a financial point of view, of the
Merger Consideration to the holders of Company Common Stock (other than SIC, MDLY and their respective affiliates) and does not
address the underlying business decision of the Company to engage in the MCC Merger, the form or structure of the Transaction
or any other transactions contemplated in the Agreements, the relative merits of the Transaction as compared to any other alternative
transactions or business strategies that might exist for the Company or the effect of any other transaction in which the Company
might engage. We also do not express any opinion as to the fairness of the amount or nature of the compensation to be received
in the Transaction by any officer, director or employee of the Company or SIC, or any class of such persons, if any, relative
to the compensation to be received in the MCC Merger by any other shareholder. We further express no opinion as to the fairness
of the consideration to be paid by SIC in connection with the MDLY Merger (including, without limitation, the relative fairness
of such consideration and the Merger Consideration) or any term or aspect of the new investment advisory agreement to be entered
into by SIC, which is to be effective as of the Effective Time. This opinion has been approved by Sandler O&rsquo;Neill&rsquo;s
fairness opinion committee. This opinion shall not be reproduced without Sandler O&rsquo;Neill&rsquo;s prior written consent;
<I>provided</I>, however, Sandler O&rsquo;Neill will provide its consent for the opinion to be included in regulatory filings
to be completed in connection with the MCC Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Merger Consideration is fair to the holders
of Company Common Stock (other than SIC, MDLY and their respective affiliates) from a financial point of view.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="image_024.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>





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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Appendix
<FONT STYLE="text-transform: uppercase">D</FONT></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_025.jpg" ALT=""></TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3; text-align: left"><B>745 Seventh Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3; text-align: left"><B>New York, NY 10019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B>United States</B></P>


</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONFIDENTIAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August
9, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Special
Committee of the Board of Directors of Medley Management Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">280
Park Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6<SUP>th
</SUP>Floor East</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New
York, NY 10017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
understand that Medley Management Inc. (the &ldquo;Company&rdquo;) intends to enter into a transaction (the &ldquo;Proposed Transaction&rdquo;)
with Sierra Income Corporation (&ldquo;SIC&rdquo;) and Medley Capital Corporation (&ldquo;MCC&rdquo;) (together, the &ldquo;Counterparties&rdquo;),
pursuant to which (a) MCC will merge with and into SIC, with SIC as the surviving company (the &ldquo;Merger&rdquo;); (b) simultaneously,
the Company will merge with and into Sierra Management, Inc., a Delaware corporation and wholly-owned subsidiary of SIC (&ldquo;Merger
Sub&rdquo;); and (c) each share of Class A Common Stock, par value $0.01 per share, of the Company (the &ldquo;Company Shares&rdquo;),
issued and outstanding (other than Company Shares owned by SIC or any wholly-owned subsidiary of SIC or the Company and any dissenting
shares) held by Public Stockholders (as defined below) shall (x) be entitled to receive two special dividends totaling $0.65 payable
in connection with the Merger and (y) be converted into the right to receive (i) $3.44, (ii) 0.3836 shares of the common stock,
par value $0.001 per share, of SIC (the &ldquo;SIC Shares&rdquo;) and (iii) certain shortfall amounts in the event the special
dividends are not paid in full ((x) and (y), collectively, the &ldquo;Consideration&rdquo;). The terms and conditions of the Proposed
Transaction are set forth in more detail in the Agreement and Plan of Merger by and among the Company, SIC and Merger Sub dated
as of August 9, 2018 (the &ldquo;Agreement&rdquo;). The summary of the Proposed Transaction set forth above is qualified in its
entirety by the terms of the Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have been requested by the Special Committee of the Board of Directors of the Company (the &ldquo;Special Committee&rdquo;) to
render our opinion with respect to the fairness, from a financial point of view, to the non-management holders of Company Shares
(the &ldquo;Public Stockholders&rdquo;) of the Consideration to be offered to such stockholders in connection with the Proposed
Transaction. We have not been requested to opine as to, and our opinion does not in any manner address, the Company&rsquo;s underlying
business decision to proceed with or effect the Proposed Transaction or the likelihood of consummation of the Proposed Transaction.
In addition, we express no opinion on, and our opinion does not in any manner address, the fairness of the amount or the nature
of any compensation to any officers, directors or employees of any of the parties to the Proposed Transaction, or any class of
such persons, relative to the Consideration to be offered to the Public Stockholders in the Proposed Transaction. Our opinion
does not address the relative merits of the Proposed Transaction as compared to any other transaction or business strategy in
which the Company might engage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_025.jpg" ALT=""></TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3; text-align: left"><B>745 Seventh Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3; text-align: left"><B>New York, NY 10019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B>United States</B></P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
arriving at our opinion, we reviewed and analyzed: (1) a draft of the Agreement, dated as of August 9, 2018, and the specific
terms of the Proposed Transaction; (2) a draft of the Agreement and Plan of Merger by and among MCC and SIC dated as of August
9, 2018; (3) publicly available information concerning the Company that we believe to be relevant to our analysis, including its
Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and Quarterly Reports on Form 10-Q for the fiscal quarters
ended March 31, 2018 and June 30, 2018; (4) financial and operating information with respect to the business, operations and prospects
of the Company furnished to us by the Company and financial projections of the Company prepared by management of the Company (the
&ldquo;Company Projections&rdquo;); (5) financial and operating information with respect to the business, operations and prospects
of MCC and SIC, including financial projections of each of MCC and SIC prepared by management of the Company as investment advisor
and manager of MCC and SIC, respectively (the &ldquo;Counterparties&rsquo; Projections&rdquo;, and together with the Company Projections,
the &ldquo;Projections&rdquo;); (6) pro forma financial projections for SIC after giving effect to the Proposed Transaction, including
cost savings, operating synergies and other strategic benefits prepared by the management of the Company (&ldquo;Proforma Projections&rdquo;);
(7) a trading history of the Company Shares from September 24, 2014 to August 8, 2018 and a trading history of the MCC Shares
from September 24, 2014 to August 8, 2018; (8) a comparison of the historical dividend performance of the Company with those of
the Counterparties; (9) a comparison of the historical financial results and present and projected financial condition of the
Company with those of other asset management companies (&ldquo;AMCs&rdquo;) that we deemed relevant; (10) a comparison of the
financial terms of the Proposed Transaction with the financial terms of certain other transactions involving AMCs that we deemed
relevant; (11) a comparison of the pro forma market position of SIC following the Proposed Transaction with those of other business
development companies that we deemed relevant; (12) published estimates of independent research analysts with respect to the future
financial performance and price targets of the Company; (13) information provided to us by the Company and its advisors with respect
to the results of previous efforts by the Company and its advisors to solicit indications of interest from third parties with
respect to a sale of the Company; (14) the Investment Advisory Agreement between SIC Advisors LLC (an affiliate of the Company)
and SIC, dated April 5, 2012; and (15) the Investment Management Agreement between MCC Advisors LLC (an affiliate of the Company)
and MCC, dated January 19, 2011. In addition, we have had discussions with the management of the Company, including in its capacity
as investment advisor and manager of MCC and SIC, respectively, concerning the business, operations, assets, financial condition
and prospects of each of the Company, MCC and SIC and of SIC individually and on a pro forma basis and have undertaken such other
studies, analyses and investigations as we deemed appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
arriving at our opinion, we have assumed and relied upon the accuracy and completeness of the financial and other information
used by us without any independent verification of such information (and have not assumed responsibility or liability for any
independent verification of such information) and have further relied upon the assurances of the management of the Company that
they are not aware of any facts or circumstances that would make such information inaccurate or misleading. With respect to the
Company Projections and the Proforma Projections, upon the advice of management of the Company, we have assumed that such projections
have been reasonably prepared on a basis reflecting the best currently available estimates and judgments of management of the
Company as to the future financial performance of each of the Company and of SIC on a pro forma basis, including as to the amount
and timing of synergies expected to be realized. We have also assumed that each will perform substantially in accordance with
such projections. With respect to the Counterparties&rsquo; Projections, upon the advice of management of the Company, we have
assumed that such projections have been reasonably prepared on a basis reflecting the best currently available estimates and judgments
of management of the Company and of its subsidiary that is the investment advisor and manager of MCC and SIC, respectively, as
to the future financial performance of each of MCC and SIC. We have also assumed that each will perform substantially in accordance
with such projections. Pursuant to the Special Committee&rsquo;s instructions, we have relied on and utilized the Projections
and Proforma Projections in connection with our analysis and our opinion. We assume no responsibility for and we express no view
as to any such projections or estimates or the assumptions on which they are based. In arriving at our opinion, we have not conducted
a physical inspection of the properties and facilities of the Company and have not made or obtained any evaluations or appraisals
of the assets or liabilities of the Company. In addition, you have not authorized us to solicit, and we have not solicited, any
indications of interest from any third party with respect to the purchase of all or a part of the Company&rsquo;s business. Our
opinion necessarily is based upon market, economic and other conditions as they exist on, and can be evaluated as of, the date
of this letter. We assume no responsibility for updating or revising our opinion based on events or circumstances that may occur
after the date of this letter. We express no opinion as to the prices at which the Company Shares would trade following the announcement
of the Proposed Transaction or prices at which SIC Shares would trade following consummation of the Proposed Transaction. Our
opinion should not be viewed as providing any assurance that the market value of the SIC Shares to be held by the stockholders
of the Company after the consummation of the Proposed Transaction will be in excess of the market value of common stock of the
Company owned by such stockholders at any time prior to the announcement or consummation of the Proposed Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_025.jpg" ALT=""></TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3; text-align: left"><B>745 Seventh Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 3; text-align: left"><B>New York, NY 10019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B>United States</B></P>


</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have assumed that the executed Agreement will conform in all material respects to the last draft reviewed by us. In addition,
we have assumed the accuracy of the representations and warranties contained in the Agreement and all agreements related thereto.
We do not express any opinion as to any tax or other consequences that might result from the Proposed Transaction, nor does our
opinion address any legal, tax, regulatory or accounting matters, as to which we understand that the Company has obtained such
advice as it deemed necessary from qualified professionals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
upon and subject to the foregoing, we are of the opinion as of the date hereof that, from a financial point of view, the Consideration
to be offered to the Public Stockholders in the Proposed Transaction is fair to such stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have acted as financial advisor to the Special Committee in connection with the Proposed Transaction and will receive fees for
our services a portion of which is payable upon rendering this opinion and a substantial portion of which is contingent upon the
consummation of the Proposed Transaction. In addition, the Company has agreed to reimburse our reasonable expenses and indemnify
us for certain liabilities that may arise out of our engagement. We have performed various investment banking services for the
Company and the Counterparties in the past, and expect to perform such services in the future, and have received, and expect to
receive, customary fees for such services. However, in the past two years, we have not performed any investment banking or financial
services for the Company or the Counterparties for which we have earned fees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Barclays
Capital Inc., its subsidiaries and its affiliates engage in a wide range of businesses, including investment and commercial banking,
lending, asset management and other financial and non-financial services. In the ordinary course of our business, we and our affiliates
may actively trade and effect transactions in the equity, debt and/or other securities (and any derivatives thereof) and financial
instruments (including loans and other obligations) of the Company and the Counterparties for our own account and for the accounts
of our customers and, accordingly, may at any time hold long or short positions and investments in such securities and financial
instruments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
opinion, the issuance of which has been approved by our Fairness Opinion Committee, is for the use and benefit of the Special
Committee and, to the extent determined by the Special Committee, the Board of Directors of the Company and is rendered to the
Special Committee in connection with its consideration of the Proposed Transaction. This opinion is not intended to be and does
not constitute a recommendation to any Public Stockholder of the Company as to how such stockholder should vote with respect to
the Proposed Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>/s/
    Barclays Capital Inc.</U></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BARCLAYS CAPITAL INC.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>





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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Appendix
<FONT STYLE="text-transform: uppercase">E</FONT></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>PERSONAL
AND CONFIDENTIAL</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
9, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
of Directors<BR>
Medley Management Inc.<BR>
280 Park Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6<SUP>th
</SUP>Floor East<BR>
New York, NY 10017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attached
is our opinion letter, dated August 9, 2018 (&ldquo;Opinion Letter&rdquo;), with respect to the fairness from a financial point
of view to the holders (other than Sierra Income Corporation (&ldquo;SIC&rdquo;), Medley Capital Corporation and any of their
respective affiliates, the holders of Units (as defined therein), the holders of the Medley Restricted Units (as defined therein)
and the holders of the MDLY RSUs (as defined therein)) of the outstanding shares of Class A common stock, par value $0.01 per
share (the &ldquo;Shares&rdquo;), of Medley Management Inc. (the &ldquo;Company&rdquo;) of the Consideration (as defined therein)
to be paid to such holders pursuant to the Agreement and Plan of Merger, dated as of August 9, 2018, by and among the Company,
SIC and Sierra Management, Inc., a wholly owned subsidiary of SIC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Opinion Letter is provided for the information and assistance of the Board of Directors of the Company in connection with its
consideration of the transactions contemplated therein and is not to be used, circulated, quoted or otherwise referred to for
any other purpose, nor is it to be filed with, included in or referred to in whole or in part in any registration statement, proxy
statement or any other document, except in accordance with our prior written consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
truly yours,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P><U>/s/ Goldman Sachs &amp; Co. LLC</U><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(GOLDMAN SACHS &amp; CO. LLC)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT><BR>
<BR></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><BR>
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>PERSONAL
AND CONFIDENTIAL</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August
9, 2018</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Board
of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Medley
Management Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">280
Park Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6<SUP>th
</SUP>Floor East</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New
York, NY 10017</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
have requested our opinion as to the fairness from a financial point of view to the holders (other than Sierra Income Corporation
(&ldquo;SIC&rdquo;), Medley Capital Corporation (&ldquo;MCC&rdquo;) and any of their respective affiliates, the holders of Units
(as defined below), the holders of the Medley Restricted Units (as defined below) (the &ldquo;Restricted Unitholders&rdquo;) and
the holders of the MDLY RSUs (as defined below)) of the outstanding shares of Class A common stock, par value $0.01 per share
(the &ldquo;Shares&rdquo;), of Medley Management Inc. (the &ldquo;Company&rdquo;) of the Consideration (as defined below) to be
paid to such holders pursuant to the Agreement and Plan of Merger, dated as of August 9, 2018 (the &ldquo;Company Merger Agreement&rdquo;),
by and among the Company, SIC and Sierra Management, Inc., a wholly owned subsidiary of SIC (&ldquo;Merger Sub&rdquo;). The Company
Merger Agreement provides that (A) at the Effective Time, the Company will merge with and into Merger Sub, with Merger Sub as
the surviving company (the &ldquo;Surviving Company&rdquo;) and a direct wholly owned subsidiary of SIC (the &ldquo;Company Merger&rdquo;),
(B) contemporaneously with the execution of the Company Merger Agreement, SIC and Medley Capital Corporation (&ldquo;MCC&rdquo;)
have entered into a merger agreement (the &ldquo;MCC Merger Agreement&rdquo;) pursuant to which MCC will merge with and into SIC,
with SIC as the surviving company in the merger (the &ldquo;MCC Merger&rdquo;) and each share of common stock, par value $0.01
per share (the &ldquo;MCC Common Stock&rdquo;), of MCC will be converted into the right to receive 0.805 shares of common stock,
par value $0.001 per share (the &ldquo;SIC Common Stock&rdquo;), of SIC, (C) prior to the Closing, (i) Medley LLC will distribute
as a special dividend to the holders of issued and outstanding limited liability company interests of Medley LLC (&ldquo;Units&rdquo;)
an amount equal to the lesser of (x) $0.35 per Unit of Medley LLC and (y) the maximum dividend per Unit that Medley LLC may make
based on its available cash at the time of such declaration (the &ldquo;Medley LLC Special Dividend&rdquo;) and (ii) the Company
will distribute as a special dividend to the holders of record of the Shares an amount equal to the lesser of (x) $0.35 per Share
and (y) the maximum dividend per Share that the Company may make based on its available cash at the time of such declaration (the
&ldquo;Company Special Dividend&rdquo;; together with the Medley LLC Special Dividend, the &ldquo;First Special Dividend&rdquo;),
(D) the Company will distribute to each holder of a restricted stock unit of the Company (the &ldquo;MDLY RSUs&rdquo;) a dividend
equivalent right in an amount equal to the First Special Dividend (the &ldquo;Dividend Equivalent Right&rdquo;), (E) prior to
the Closing and subsequent to the payment of the First Special Dividend, the Company will distribute as a special dividend to
the holders of record of the Shares an amount equal to the lesser of (x) $0.30 per Share and (y) the maximum dividend per Share
that the Company may make based on its available cash at the time of such declaration (the &ldquo;Second Special Dividend&rdquo;
and taken in the aggregate with the First Special Dividend and the Dividend Equivalent Right, the &ldquo;Special Dividends&rdquo;),
(F) immediately prior to Closing and subsequent to the payment of the Second Special Dividend, each Unit held by members of Medley
LLC (other than the Company), including Units resulting from the lapsing of restrictions on the restricted Units (the &ldquo;Medley
Restricted Units&rdquo;) immediately prior to the Effective Time, will be converted into one Share (the &ldquo;MDLY LLC Exchange&rdquo;)
pursuant to an exchange agreement (the &ldquo;MDLY LLC Exchange Agreement&rdquo;; together with the Company Merger Agreement and
the MCC Merger Agreement, the &ldquo;Agreements&rdquo;), (G) at the Effective Time, each share of Class B common stock, par value
$0.01 per share, of the Company (other than Dissenting Shares) will be cancelled and will cease to exist and no consideration
will be delivered in exchange therefor, (H) at the Effective Time, each Share (other than (i) Shares owned by the Company, SIC
or any wholly-owned subsidiary of the Company or SIC and (ii) Dissenting Shares), including Shares issued in the MDLY LLC Exchange
immediately prior to Closing and the Shares issued upon the lapsing of restrictions on outstanding MDLY RSUs held by non-management
directors, will be converted into the right to receive (v) 0.3836 shares of SIC Common Stock (the &ldquo;Stock Consideration&rdquo;),
(w) an amount equal to $3.44 per Share (the &ldquo;Cash Consideration), (x) in the event the Company Special Dividend is less
than $0.35 per Share, each holder entitled to receive the Company Special Dividend or Dividend Equivalent Right, as the case may
be, will receive an amount per Share or MDLY RSU, as the case may be, equal to the difference between $0.35 and the amount of
the Company Special Dividend (the &ldquo;Company Special Dividend Adjustment Amount&rdquo;), (y) in the event the Medley LLC Special
Dividend is less than $0.35 per Share, each holder entitled to receive the Medley LLC Special Dividend will receive an amount
per Share equal to the difference between $0.35 and the amount of the Medley LLC Special Dividend (the &ldquo;Medley LLC Special
Dividend Adjustment Amount&rdquo;), and (z) in the event the Second Special Dividend is less than $0.30 per Share, each holder
entitled to receive the Second Special Dividend will receive an amount per Share equal to the difference between $0.30 and the
amount of the Second Special Dividend (the &ldquo;Second Special Dividend Adjustment Amount&rdquo;; together with the Company
Special Dividend Adjustment Amount, the Stock Consideration and the Cash Consideration, the &ldquo;Merger Consideration&rdquo;),
and (I) at the Effective Time, each MDLY RSU (other than those held by non-management directors) will be converted into the right
to receive 0.8532 SIC RSUs. The aggregate of the Merger Consideration, the First Special Dividend and the Second Special Dividend
is herein referred to as the &ldquo;Consideration&rdquo;. All capitalized terms used but not defined herein shall have the respective
meanings set forth in the Company Merger Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 127 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Appendix E-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Medley Management Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 9, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Goldman
Sachs &amp; Co. LLC and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading,
research, investment management and other financial and non-financial activities and services for various persons and entities.
Goldman Sachs &amp; Co. LLC and its affiliates and employees, and funds or other entities they manage or in which they invest
or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions
and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments
of the Company, SIC, MCC, Medley LLC and any of their respective affiliates and third parties, including funds advised by the
Company and affiliates of Restricted Unitholders, or any currency or commodity that may be involved in the transactions contemplated
by the Agreements (the &ldquo;Transactions&rdquo;). We have acted as financial advisor to the Company in connection with, and
have participated in certain of the negotiations leading to, the Transactions. We expect to receive fees for our services in connection
with the Transactions, all of which are contingent upon consummation of the Transactions, and the Company has agreed to reimburse
certain of our expenses arising, and indemnify us against certain liabilities that may arise, out of our engagement. We may also
in the future provide financial advisory and/or underwriting services to the Company, SIC, MCC, Medley LLC, the Surviving Company,
funds advised by the Company, affiliates of Restricted Unitholders and their respective affiliates for which our Investment Banking
Division may receive compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with this opinion, we have reviewed, among other things, the Agreements; Annual Reports on Form 10-K of the Company
for the four years ended December 31, 2017; the Registration Statement on Form S-1, including the prospectus contained therein
dated September 15, 2014, relating to the initial public offering of the Shares; Annual Reports on Form 10-K of SIC for the five
years ended December 31, 2017; Annual Reports on Form 10-K of MCC for the five fiscal years ended September 30, 2017; certain
interim reports to stockholders and Quarterly Reports on Form 10-Q of the Company, SIC and MCC; certain other communications from
the Company, SIC and MCC to their respective stockholders; certain publicly available research analyst reports for the Company,
SIC and MCC; unaudited financial statements for the Company for the three month period ended March 31, 2018 and the six month
period ended June 30, 2018; unaudited financial statements for SIC for the three month period ended March 31, 2018 and the six
month period ended June 30, 2018; unaudited financial statements for MCC for the three month period ended March 31, 2018 and the
six month period ended June 30, 2018; certain internal financial analyses and forecasts for the Company, SIC stand alone and pro
forma for consummation of the Transactions and MCC, in each case prepared by the management of the Company and approved for our
use by the Company (the &ldquo;Forecasts&rdquo;); and certain operating synergies projected by the management of the Company to
result from the Transactions, as approved for our use by the Company (the &ldquo;Synergies&rdquo;). We have also held discussions
with members of the senior management of the Company regarding their assessment of the strategic rationale for, and the potential
benefits of, the Transactions and the past and current business operations, financial condition and future prospects of the Company,
SIC and MCC; reviewed the reported price and trading activity for the Shares and MCC Common Stock; compared certain financial
and stock market information for the Company and MCC and certain financial information for SIC with similar financial and stock
market information for certain other companies the securities of which are publicly traded; reviewed the financial terms of certain
recent business combinations in the alternative asset management industry; and performed such other studies and analyses, and
considered such other factors, as we deemed appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 128 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Medley Management Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 9, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
purposes of rendering this opinion, we have, with your consent, relied upon and assumed the accuracy and completeness of all of
the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by, us, without
assuming any responsibility for independent verification thereof. In that regard, we have assumed with your consent that the Forecasts
and the Synergies have been reasonably prepared on a basis reflecting the best currently available estimates and judgments of
the management of the Company. We have not made an independent evaluation or appraisal of the assets and liabilities (including
any contingent, derivative or other off-balance-sheet assets and liabilities) of the Company, SIC, MCC, the Surviving Company
or any of their respective subsidiaries and we have not been furnished with any such evaluation or appraisal. We have assumed
that all governmental, regulatory or other consents and approvals necessary for the consummation of the Transactions will be obtained
without any adverse effect on the Company, SIC, MCC or the Surviving Company or on the expected benefits of the Transactions in
any way meaningful to our analysis. We have assumed that the Transactions will be consummated on the terms set forth in the Agreements,
without the waiver or modification of any term or condition the effect of which would be in any way meaningful to our analysis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
opinion does not address the underlying business decision of the Company to engage in the Transactions, or the relative merits
of the Transactions as compared to any strategic alternatives that may be available to the Company; nor does it address any legal,
regulatory, tax or accounting matters. This opinion addresses only the fairness from a financial point of view to the holders
(other than SIC, MCC and any of their respective affiliates, the holders of Units, the holders of Medley Restricted Units and
the holders of MDLY RSUs) of the Shares, as of the date hereof, of the Consideration to be paid to such holders pursuant to the
Company Merger Agreement. We do not express any view on, and our opinion does not address, any other term or aspect of the Agreements
or Transactions or any term or aspect of any other agreement or instrument contemplated by the Agreements or entered into or amended
in connection with the Transactions, including, any allocation of the Consideration or of the aggregate consideration, including
the Special Dividends, payable to all holders of Shares pursuant to the Company Merger Agreement, the MCC Merger, the MDLY LLC
Exchange or the transactions contemplated thereby, the fairness of the Transactions to, or any consideration received in connection
therewith by, the holders of any other class of securities, creditors, or other constituencies of the Company; nor as to the fairness
of the amount or nature of any compensation to be paid or payable to any of the officers, directors or employees of the Company,
or class of such persons, in connection with the Transactions, whether relative to the Consideration to be paid to the holders
(other than SIC, MCC and any of their respective affiliates, the holders of Units, the holders of Medley Restricted Units and
the holders of MDLY RSUs) of the Shares pursuant to the Company Merger Agreement or otherwise. We are not expressing any opinion
as to the prices at which the SIC Common Stock will trade at any time, the impact of the Transactions on the solvency or viability
of the Company, SIC, MCC, Medley LLC or the Surviving Company or the ability of the Company, SIC, MCC, Medley LLC or the Surviving
Company to pay their respective obligations when they come due. Our opinion is necessarily based on economic, monetary, market
and other conditions as in effect on, and the information made available to us as of, the date hereof and we assume no responsibility
for updating, revising or reaffirming this opinion based on circumstances, developments or events occurring after the date hereof.
Our advisory services and the opinion expressed herein are provided for the information and assistance of the Board of Directors
of the Company in connection with its consideration of the Company Merger and such opinion does not constitute a recommendation
as to how any holder of Shares should vote with respect to the Company Merger or any other matter. This opinion has been approved
by a fairness committee of Goldman Sachs &amp; Co. LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Consideration to be paid to the holders
(other than SIC, MCC and any of their respective affiliates, the holders of Units, the holders of Medley Restricted Units and
the holders of MDLY RSUs) of the Shares pursuant to the Company Merger Agreement is fair from a financial point of view to such
holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/ Goldman Sachs &amp; Co. LLC</U><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(GOLDMAN
SACHS &amp; CO. LLC)</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
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<DOCUMENT>
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